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CRUDE OIL OUTLOOK 2.07.20

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Oil prices rose about 1 percent on Wednesday following a drawdown in US crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains.

Brent crude rose 55 cents, or 1.3 percent, to $41.82 a barrel by 11:08 a.m. EDT (1508 GMT). US crude rose 38 cents, or 1 percent, to $39.65 a barrel.

US crude inventories fell more than expected, dropping by 7.2 million barrels last week, after hitting all-time highs for three consecutive weeks, Energy Information Administration data showed. Analysts had expected a 710,000-barrel drop.

IMPORTANT LEVELS FOR 2/7/20

RESISTANCE 1 – 3028
RESISTANCE 2 – 3056
RESISTANCE 3 – 3076

SUPPORT 1 – 2957
SUPPORT 2 – 2925
SUPPORT 3 – 2902

Thanks!

ProCapitas Market-Pro Team

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