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CRUDE OIL OUTLOOK 20.05.20

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U.S. crude ended slightly higher on Tuesday, as U.S. Treasury Secretary Steven Mnuchin said he supported extending certain measures intended to bolster the economy, while Brent ended lower on concerns that output cuts might not be sufficient.

Oil has rallied for several days following numerous output cuts from major producers to curb supplies, and as demand picks up with governments worldwide easing restrictions on movement put in place to stop the spread of the coronavirus pandemic.

The front-month contract for U.S. West Texas Intermediate crude, which expires on Tuesday, settled up 68 cents a barrel, or 2.1%, at $32.50 a barrel. The July contract, trading at vastly higher volumes, settled up 31 cents at $31.96 a barrel.

IMPORTANT LEVELS FOR 20/05/2020

RESISTANCE 1 – 2436
RESISTANCE 2 – 2455
RESISTANCE 3 – 2476

SUPPORT 1 – 2366
SUPPORT 2 – 2335
SUPPORT 3 – 2311

Thanks!

ProCapitas Market-Pro Team

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