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Crude Oil Outlook 17.04.20

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Oil was anchored near $20 a barrel after closing at an 18-year low as concerns over virus-led demand destruction outweigh an agreement by the world’s biggest producers to curb supply.

U.S. crude stockpiles ballooned by a record 19.2 million barrels and gasoline consumption held near the lowest level in the last three decades last week as efforts to stem the spreading coronavirus curb travel and keep people in their homes. The International Energy Agency said on Wednesday that even output cuts by OPEC+ couldn’t counter the demand collapse caused by the pandemic.

Oil has erased around two-thirds of its value this year as the outbreak pummeled demand, leading refineries to cut processing rates, drillers to halt production and global storage to swell near capacity. U.S. output has declined only marginally and the glut is looking so severe that the Trump administration is considering paying American companies to leave crude in the ground.

Important Levels for Tomorrow i.e. 17/04/2020

Resistance 1 – 1582
Resistance 2 – 1621
Resistance 3 – 1658

Support 1 – 1535
Support 2 – 1501
Support 3 – 1482

Note:- Support and Resistance May Change after the opening of the Market.

Thanks!

ProCapitas Market-Pro Team

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