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OIL: A sharp fall in crude oil was observed overnight, with little in the way of
headline drivers apparent.
- WTI (CLF9) registered a low of $52.80 on the move, as it quickly lost ~$1.00,
last $53.35, after an uptick from lows. Initial support noted at the cycle low
of $52.77. A break there would see bears focus on up trend line support from the
January 2016 lows at ~$51.00. Worth noting that some ~8.5K lots traded in the
spike in WTI (CLF9).
- Brent crude traded in a similar fashion, although it managed to register a
marginal fresh cycle low at $61.52 in the process.
- Thursday saw Saudi Energy Minister al-Falih note that the country's oil
production has risen in November, but was set to pare back in January, with
demand exp. to tail off.