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CRUDE OIL OUTLOOK 29.05.20

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Oil futures rose about 2% on Thursday as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories and on worries that China's new Hong Kong security law could result in trade sanctions.

Brent for July rose 55 cents, or 1.6%, to settle at $35.29 a barrel on its second to last day as the front-month. U.S. West Texas Intermediate (WTI) crude rose 90 cents, or 2.7%, to settle at $33.71.
That move in US crude narrowed Brent's premium over WTI to its lowest since mid-April.

IMPORTANT LEVELS FOR 29/05/2020

RESISTANCE 1 – 2596
RESISTANCE 2 – 2625
RESISTANCE 3 – 2648

SUPPORT 1 – 2540
SUPPORT 2 – 2516
SUPPORT 3 – 2491

Thanks!

ProCapitas Market-Pro Team

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