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CRUDE OIL OUTLOOK 05.06.20

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Oil prices fell on Thursday on doubts over the ability of top crude producers to agree to extend record output cuts, heightened by worries over a build in US fuel inventories.

Brent crude futures were down 48 cents, or 1.2 percent, at $39.31 a barrel by 11:17 a.m. ET (1517 GMT). US West Texas Intermediate (WTI) crude futures dropped 74 cents, or 2 percent, to $36.55.
Saudi Arabia, Kuwait, and the United Arab Emirates are not planning to extend voluntary additional output cuts of 1.18 million bpd after June, indicating that crude supply could rise next month regardless of any OPEC+ decision.
“OPEC appears 'damned if they do and damned if they don’t' with regard to extended near term production reductions,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

IMPORTANT LEVELS FOR 05/06/2020

RESISTANCE 1 – 2850
RESISTANCE 2 – 2873
RESISTANCE 3 – 2890

SUPPORT 1 – 2794
SUPPORT 2 – 2772
SUPPORT 3 – 2750

Thanks!

ProCapitas Market-Pro Team

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