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CRUDE OIL OUTLOOK 06.05.20

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Oil prices soared higher on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several US states began to ease coronavirus lockdown measures.
International benchmark Brent crude rose $2.77, or 10.2 per cent, to $29.97 a barrel by 11:30 a.m. EDT (1530 GMT).
US West Texas Intermediate (WTI) crude futures traded $3.47, or 17 percent, higher at $23.86 a barrel.
Brent has closed higher the previous five sessions, while WTI has closed higher for the last four.
Italy, Spain, Nigeria, and India, as well as some US states including Ohio, began allowing some people to go back to work and opened up construction sites, parks and libraries.
US President Donald Trump praised the rise in oil prices and hailed measures by the states to reopen their economies.

Important Levels for Crude Oil For 6th May 2020

Resistance 1 – 1893
Resistance 2 – 1928
Resistance 3 – 1962

Support 1 – 1840
Support 2 – 1802
Support 3 – 1774

Thanks!

ProCapitas Market-Pro Team

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