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US Oil higher amid OPEC+ meeting – 03/06/2020

SquaredFinancial

WTI hit our resistance target now support level at $36.50 pbl as it continues to print higher in early trade today after American Petroleum Institute weekly stockpiles data showed a surprise drawdown in inventories and optimism surrounding Thursday’s OPEC+ meeting lifted prices higher. EIA inventory data to be released today could provide further bullish momentum with $38 and $40 as closest resistance targets, while keeping a lookout for RSI overbought readings.

Support: 36.50 / 35.25
Resistance: 38 / 40

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/us-oil-higher-amid-opec-meeting-03-06-2020
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