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Crude Oil Outlook 23.04.20

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Brent Crude Oil rose 8.4 percent on Wednesday, as prospects for extra pledges from major producers to cut output prompted a sharp turn up off a session low that took the global benchmark below $16 a barrel to its lowest since 1999.

Oil trading has been more volatile than ever in recent days on prospects that a historic supply glut will swell even further as coronavirus lockdowns slash demand for fuel. Brent touched $15.98 a barrel, its lowest since June 1999. By 1458 GMT, it was up $1.63, or 8.4 percent, to $20.96 a barrel, an 8.4 percent gain.

US West Texas Intermediate (WTI) crude futures for June delivery rose $3.57, or 30.9 percent, to $15.14 a barrel. Traders were encouraged that gasoline inventories did not balloon as much as forecasters had feared.
Since the start of the year, Brent has fallen more than 65 percent, while WTI has dropped around 75 percent.

Inventory Of Crude Oil


Actual – 15.0M
Forecast – 14.7M
Previous – 19.2M

Opinion – Negative for Crude Oil Prices

Important Support And Resistance Levels For 23/04/2020

Resistance 1 – 944
Resistance 2 – 981
Resistance 3 – 1017

Support 1 – 904
Support 2 – 864
Support 3 – 816

MCX MARKET WILL OPEN FROM 9 AM TO 11:30 PM TOMORROW ONWARDS

Note:- Levels May Change after the opening of Market

Thanks!

ProCapitas Market-Pro Team

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