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CRUDE OIL OUTLOOK 04.05.20

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Oil rose further above $26 a barrel on Friday as Opec and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market. 

The global oil benchmark, Brent crude, has fallen almost 60 percent in 2020 and hit a 21-year low last month as the pandemic squeezed demand and Opec and other producers pumped at will before reaching the new supply deal that kicked in on Friday.

Brent for July had climbed 14 cents, or 0.5 percent, to $26.62 by 1336 GMT. US crude for June added $1.18, or 6.3 percent, to reach $20.02. Both benchmarks rallied sharply on Thursday. Brent rose 12 percent and US crude gained 25 percent.
The Organization of Petroleum Exporting Countries, Russia, and other producers, known as Opec+, has agreed to cut output by 9.7 million barrels per day from May 1.

IMPORTANT LEVELS FOR 04/05/2020

RESISTANCE 1 – 1578
RESISTANCE 2 – 1626
RESISTANCE 3 – 1662

SUPPORT 1 – 1498
SUPPORT 2 – 1462
SUPPORT 3 – 1423

GAP DOWN OPENING EXPECTED APPROX 4-5% IN CRUDE OIL TODAY

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ProCapitas Market-Pro Team

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