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US Oil remains strong amid production cuts – US OIL Market Outlook – 09/06/2020


WTI crude hit our support target at $38, easing down from $40 as Saudi Arabia signaled it wouldn’t continue with additional deeper cuts after June and on a bearish technical divergence while OPEC+ production cuts provided a floor for WTI crude as an uptick in demand with economies reopening should open the door to further upside. A surprise build-up in API stockpiles to be released today, could just be the fundamental data needed to push prices higher in a technically bearish trading day.

Support: 38 / 36.50
Resistance: 40 / 43

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/us-oil-remains-strong-amid-production-cuts-us-oil-market-outlook-09-06-2020
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