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US Oil weighed down by COVID-19’s second wave fears: US OIL Market Outlook – 14/05/2020


Fundamental Highlights

WTI printed a high at $26.94 on a surprise inventory drawdown, to end yesterday’s session at $26, weighed down by comments from Fed J. Powell as he warned from resurging Coronavirus outbreaks and a longer time to recovery.
EIA data showed a surprise drawdown of 745K barrels vs. a previous of 4.59 Mb as storage concerns fade

Technical Analysis

WTI remains trading in a range with prints needed above $26.50 to boost bullish momentum, while an hourly close below $25.70 will favor a retracement towards $25

Support: 24.95 / 23.60 / 21.87
Resistance: 26 / 27.69 / 28.75

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/us-oil-weighed-down-by-covid-19s-second-wave-fears-us-oil-market-outlook-14-05-2020
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