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CRUDE OIL OUTLOOK 18.05.20

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Oil prices touched a one and a half month high on Friday amid signs demand for crude was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front.
West Texas Intermediate (WTI) oil was up 65 cents, or 2.36 percent, at $28.21 a barrel at 0938 GMT, after reaching $28.75, its highest level since early April. WTI jumped 9 percent in the previous session.
Brent crude was up 81 cents, or 2.6 percent at $31.94 a barrel, after touching $32.50 the highest level since April 13. Brent rose nearly 7 percent on Thursday.
Both contracts are on track for a third consecutive week of gains.

IMPORTANT LEVELS FOR 18/05/2020

RESISTANCE 1 – 2277
RESISTANCE 2 – 2315
RESISTANCE 3 – 2362

SUPPORT 1 – 2213
SUPPORT 2 – 2170
SUPPORT 3 – 2123

Thanks!

ProCapitas Market-Pro Team


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