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Crude Oil Outlook

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The world’s top oil exporter, Saudi Arabia, is making good on its promise to flood the world with oil even as demand collapses, with a surge in tankers carrying Saudi crude to the United States.

Last month, when Saudi Arabia pledged to flood the markets with oil, the Kingdom’s crude oil exports to the U.S. hit a one-year-high of 516,000 barrels per day (bpd).

Crude Oil Inventory


Forecast – 9.8M
Previous – 13.8M
Actual – 15.2M

Impact – Negative For Crude Oil

Important Levels for Tomorrow i.e. 9th April 2020

RESISTANCE 1 – 1931
RESISTANCE 2 – 1984
RESISTANCE 3 – 2018

SUPPORT 1 – 1879
SUPPORT 2 – 1837
SUPPORT 3 – 1787


*SUPPORT AND RESISTANCE MAY CHANGE AFTER OPENING OF MARKET*


Thanks!

ProCapitas Market-Pro Team


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