Crude Oil Gains Over 5%

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Oil prices are bullish on Tuesday, rising over 5% intraday.

The gains come on the second day of the OPEC+ meeting. Saudi Arabia, alongside other countries, opposed Russia’s proposal of raising production. The current gains in oil prices will likely push it to the psychologically important level of $50.00 and barrel.

Following this, we could expect some profit-taking to push prices back lower. The support level near 49.15 is likely to come in initially.

As long as prices hold above this level, we could expect to see a continuation higher.

If the 49.15 handle is lost, then a deeper correction could be expected toward the 47.17 level of support.

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