Oil daily base correction downside towards support 37.20$

Correction required downside towards support level 3850 and 36.20$ ( Oil expected to stay this level next few months 32$ tp 42$ If any big output cut then possible price go high 46$.

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*Oil prices rallied on Wednesday after industry data showed U.S. crude and gasoline stocks fell more than expected last week.
*U.S. crude futures were also up 3 per cent at $40.44 a barrel, after having fallen 1.1 per cent on Tuesday.
*Official inventory data from the U.S. Energy Information Administration is due out later in the session.
*Meanwhile, the Organization of the Petroleum Exporting Countries' (OPEC) oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters' survey found.
*It was reported that the 13-member OPEC pumped 22.62 million barrels per day (bpd) on average in June, down 1.92 million bpd from May's revised figure.
🛑SUPPORT/RESISTANCE
✅S1= 38.20
✅S2=36.40
✴️R1=40.60
✴️R2=42.10
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