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Oil higher ahead of OPEC+ meeting – US OIL Market Outlook – 04/03/2021

WTI Crude oil hit our long resistance targets, printing a high a tat below $62 pbl and ending yesterday’s session above the $61 handle despite EIA inventories registering a 21.653Mb buildup while an attack on Saudi Arabia’s Aramco and today’s OPEC+ decision kept prices supported. A bullish surprise from Saudi Arabia today could push prices towards $63-$65, wish short term technicals favoring further upside on an hourly close above $62.

Support: 61 / 60
Resistance: 62 / 62.50

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Thursday, 04 Mar, 2021 / 9:35

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-higher-ahead-of-opec-meeting-us-oil-market-outlook-04-03-2021

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