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CRUDE OIL OUTLOOK 21.05.20

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Oil prices climbed more than 4 percent on Wednesday on signs of improving demand and a drawdown in US crude inventories, but gains were capped by worries over the economic fallout from the Covid-19 pandemic and weak refining margins.
Brent crude futures were up $1.38, or 3.98 percent, at $36.03 per barrel at 10:54 a.m. ET (1454 GMT) while US West Texas Intermediate (WTI) July crude futures were up $1.38, or 4.32 percent, at $33.34 a barrel. Both benchmarks rose to more than 5 percent during the session.

Important Levels for 21/05/2020

RESISTANCE 1 – 2557
RESISTANCE 2 – 2585
RESISTANCE 3 – 2611

SUPPORT 1 – 2488
SUPPORT 2 – 2466
SUPPORT 3 – 2440

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ProCapitas Market-Pro Team

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