OIL up 3.5%, highest since March

12:46 PM August 5, 2020

Oil prices are moving sharply up today for both Brent (OIL) and WTI (OIL.WTI) after yesterday’s API report showed major decline in inventories. Using USD weakness OIL crushes $45 resistance and trades at the highest level since March. Consequently, $45 is now a support level ahead of the DOE report on inventories (3:30pm BST) and there’s no obvious resistance level in sight.

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