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CRUDE OIL OUTLOOK 03.06.20

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Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and US states begin to restart after coronavirus lockdowns.

Brent crude rose 2.7 per cent, or $1.04, to $39.36 a barrel by 11:37 a.m. EDT (1537 GMT).
US West Texas Intermediate crude (WTI) climbed 2.5 percent, or 87 cents, to $36.31 a barrel.
The Organization of the Petroleum Exporting Countries and others including Russia, a grouping known as OPEC+, are considering extending their production cuts of 9.7 million barrels per day (bpd), or about 10 percent of global production, into July or August, at a meeting expected to be held on June 4.

IMPORTANT LEVELS FOR 03/06/2020

RESISTANCE 1 – 2760
RESISTANCE 2 – 2785
RESISTANCE 3 –  2811

SUPPORT 1 – 2718
SUPPORT 2 – 2695
SUPPORT 3 – 2677

Thanks!

ProCapitas Market-Pro Team

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