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OIL lower amid rising of inventories – US OIL Market Outlook – 18/03/2021

SquaredFinancial

EIA inventory data yesterday registered a buildup of 2.396Mb, a day after API data showed a drawdown, securing a 4th consecutive day in the red for WTI Crude on the back of rising inventories for 4 straight weeks. Technically speaking, an hourly close below $63.85 support level should open the door to further downside with $63.35 as the next closest support target.

Support: 63.85 / 63.35 / 63
Resistance: 64.40 / 65

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-lower-amid-rising-of-inventories-us-oil-market-outlook-18-03-2021
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