Head of Synergy Markets, Christian Dove commented:
I know many retail customers out there are desperate to benefit from what they see as huge opportunity to trade crude oil at these low prices. However, I advise – if you intend to trade oil, then please do so with great caution. I think we could easily see prices squeezed and more significant drops in to the next futures expiry – followed by a significant rally as demand re-ignites and as the current oversupply is exhausted and the inevitable lag for supply to be turned back on.
Dove added:
To buy at these levels may risk being closed out on margin if prices drop a relatively small amount – so, if you have to, please trade cautiously and within sensible risk parameters.
Synergy Markets was revived and relaunched in the end of April after ACY Securities had acquired the company in 2018. The rebranded brokerage opened for clients earlier in April with FX veteran Christian Dove at the helm. He ran the company from 2011 and was asked by ACY Securities to take the lead again.
