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CRUDE OIL OUTLOOK 01.06.20

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Oil prices soared on Friday, with US futures closing out May with record monthly gains, on hopes that the US-China trade deal would remain intact and on falling crude production.
West Texas Intermediate crude futures for July delivery settled at $35.49 a barrel, jumping $1.78, or 5.3%.
July Brent crude closed at $35.33 a barrel, gaining 4 cents. However, the more active August contract ended at $37.84, rising $1.81, or roughly 5%.
Both benchmarks saw steep monthly rises due to falling global production and expectations for demand growth as parts of the United States, including New York City, and other countries move to reopen after coronavirus-related lockdowns.

IMPORTANT LEVELS FOR 1/06/2020

RESISTANCE 1 – 2597
RESISTANCE 2 – 2625
RESISTANCE 3 – 2646

SUPPORT 1 – 2530
SUPPORT 2 – 2506
SUPPORT 3 – 2480

Thanks!

ProCapitas Market-Pro Team

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