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CRUDE OIL OUTLOOK 13.05.20

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Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in U.S. crude inventories and concerns mount about a possible second wave of the coronavirus pandemic in countries easing lockdowns. Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC`s biggest producer said earlier this week it planned to add to cut again.

Brent crude was down 49 cents, or 1.6%, at $29.49 by 0034 GMT, having risen 1.2% on Tuesday. U.S. crude was down 41 cents, or 1.6%, at $25.37 a barrel, after jumping nearly 7% in the previous session.
“While the market feels more comfortable on the supply side of the equation, on the demand side, the focus will continue to revolve around the risks of easing lockdown” 

U.S. infectious disease expert Anthony Fauci on Tuesday told Congress that easing coronavirus lockdowns may set off new outbreaks of the illness, which has killed 80,000 Americans and badly damaged the world`s biggest economy.

IMPORTANT LEVELS FOR 13/05/2020

RESISTANCE 1 – 1975
RESISTANCE 2 – 1999
RESISTANCE 3 – 2075

SUPPORT 1 – 1927
SUPPORT 2 – 1900
SUPPORT 3 – 1876

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ProCapitas Market-Pro Team

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