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CRUDE OIL OUTLOOK 08.05.20

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Oil prices climbed on Thursday after Saudi Arabia raised official selling prices for its crude and a surprise rise in Chinese exports last month fed hopes for further rises in fuel demand.
US and Brent benchmarks have rallied sharply this week as countries have eased coronavirus-related lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a growing supply glut.

Brent futures rose $1.02, or 3.4 percent, to $30.74 a barrel by 11:10 a.m. EDT (1510 GMT), up about 16 percent so far this week. US West Texas Intermediate (WTI) crude rose $1.78, or 7.4 percent, to $25.77, on track for its highest close since April 6 and up more than 30 percent this week.

Important Levels For 8/05/2020

RESISTANCE 1 – 1861
RESISTANCE 2 – 1902
RESISTANCE 3 – 1948

SUPPORT 1 – 1808
SUPPORT 2 – 1770
SUPPORT 3 – 1722

Thanks!

ProCapitas Market-Pro Team

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