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WTI crude oil holds above 42

Crude oil prices brushed aside a weak demand outlook as per the reports from the latest projections from OPEC. Oil prices are trading about 2% higher intraday.

A strong close above the 42 level could strengthen the upside bias. This is also seen from the Stochastics oscillator that could signal the move to the upside.

The next key resistance level is near the 45.22 level. This gains prominence as oil prices fell below zero after giving up this level.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.