CRUDE OIL rises remain limited

29-Apr-2020 Wed
CRUDE OIL rises remain limited

The fact that the increasing number of cases in China creates a second wave concern in the markets limits the rise on the oil side. Crude oil could not exceed 39,10 resistance after a limited increase of API weekly stock data announced yesterday in the US. Technically, the 38,50 - 39,10 range is followed as the new resistance zone. Unless we see pricing on this region, we should not expect sharp increases in oil. Sales can be expected to accelerate if the level of 37.40-36.70 is passed downward in the retractions. During the day, new developments regarding the epidemic and US weekly stock data will be followed. (EIA)


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29-Apr-2020 Wed
CRUDE OIL rises remain limited

CRUDE OIL rises remain limited

The fact that the increasing number of cases in China creates a second wave concern in the markets limits the rise on the oil side. Crude oil could not exceed 39,10 resistance after a limited increase of API weekly stock data announced yesterday in the US. Technically, the 38,50 - 39,10 range is followed as the new resistance zone. Unless we see pricing on this region, we should not expect sharp increases in oil. Sales can be expected to accelerate if the level of 37.40-36.70 is passed downward in the retractions. During the day, new developments regarding the epidemic and US weekly stock data will be followed. (EIA)

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