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Commodities Bid

OIL

Crude futures continued to climb in Asia-Pac trade on Monday, a rising tide lifts all boats and crude saw gains alongside coal and iron ore. WTI and Brent crude futures traded positively into the Friday close, extending the recovery off the Wednesday low to touch the best levels in around seven years. The moves follow reports throughout the week that two major sources of supply - OPEC+ and the US Strategic Petroleum Reserve – will not release stockpiles to settle market prices. This keeps the outlook for WTI and Brent crude bullish, with $81.60 - 1.618 proj of the Aug 23 - Sep 2 - Sep 9 price swing marking the next upside level.

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