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CRUDE OIL OUTLOOK 02.06.20

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Oil prices rose in early trade on Tuesday, with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.

Brent crude futures rose 0.3%, or 12 cents, to $38.44 a barrel as of 0011 GMT.

U.S. West Texas Intermediate (WTI) crude futures traded in a 38 cent range on either side of Monday's close, and last traded up 0.3%, or 9 cents, at $35.53 a barrel.
Brent prices have doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, dubbed Opec+. However, prices are still down about 40% for the year so far.

IMPORTANT LEVELS FOR 02/06/2020

RESISTANCE 1 – 2700
RESISTANCE 2 – 2726
RESISTANCE 3 – 2750

SUPPORT 1 – 2646
SUPPORT 2 – 2634
SUPPORT 3 – 2608

Thanks!

ProCapitas Market-Pro Team

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