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EIA Inventory boosted Oil prices – US OIL Market Outlook – 07/01/2021

SquaredFinancial

The Kingdom’s gift received a boost from EIA inventory data showing a bigger than expected drawdown in Crude inventories (Prev: -6.065Mb, Act: -8.10Mb), hitting our long target resistance level in early trade today at $51, with $51.60 and $52 as the next closest resistance targets, with $51 key support level to hold to favor ongoing bullish momentum.

Support: 51/ 50
Resistance: 51.60 / 52

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/eia-inventory-boosted-oil-prices-us-oil-market-outlook-07-01-2021
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