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CRUDE OIL OUTLOOK 16.06.20

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Few markets have been hit harder by coronavirus than United States. While global oil prices as a whole have taken quite a beating from a fall in oil demand, a deficit of oil storage, and an oil-price war between the OPEC+ leading members of Saudi Arabia and Russia, the Brent international crude benchmark never went negative. In the United States, it was a different story. Not only did the West Texas Intermediate (WTI) crude benchmark dip below zero on April 20, it plummeted to nearly $40 below zero per barrel in a previously unthinkable upset.

IMPORTANT LEVELS FOR 16/06/2020

RESISTANCE 1 – 2810
RESISTANCE 2 – 2835
RESISTANCE 3 – 2857

SUPPORT 1 – 2731
SUPPORT 2 – 2707
SUPPORT 3 – 2688

Thanks!

ProCapitas Market-Pro Team


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