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Crude Oil Outlook 16.04.20

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Oil prices slumped on Wednesday after the International Energy Agency projected that global demand will fall by a record amount in 2020 amid the coronavirus pandemic. 

US West Texas Intermediate (WTI) crude fell as much as 4.5% to $19.20 per barrel on Wednesday. Brent crude, the international benchmark, declined 8.2% to $27.18 per barrel at intraday lows.

Global oil demand is expected to drop by 9.3 million barrels per day, according to a Wednesday IEA report. For April, global oil demand is expected to decline by 29 million barrels per day from a year ago, to the levels last seen in 1995.

Crude Oil Inventory
Forecast – 12.1M
Actual – 19.2M
Previous – 15.2M

Impact:- Negative For Crude Oil Prices

Important Levels for 16.04.20

Resistance 1 – 1542
Resistance 2 – 1587
Resistance 3 – 1614

Support 1 – 1505
Support 2 – 1486
Support 3 – 1450

Note:- Levels may change subject to Gap up or Gap down opening. 

Thanks!

ProCapitas Market-Pro Team

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