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Oil breaking out from a major resistance – US OIL Market Outlook – 25/02/2021


WTI Crude printed an hourly close above $61.55 resistance level, climbing to more than one year highs despite EIA data registering a buildup in weekly inventories as investors focused instead on data showing that US crude output fell below 10 Mbpd after the cold snap. Barclays joined Goldman Sachs in revising their oil forecast upwards by $6-$7 a barrel, adding to bullish momentum , with an hourly close above $63.50 in today’s session to open the door to higher prints.

Support: 63 / 62
Resistance: 63.50 / 64.40

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-breaking-out-from-a-major-resistance-us-oil-market-outlook-25-02-2021
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