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Crude edged lower as WTI & Brent both lost......>

OIL
OIL: Crude edged lower as WTI & Brent both lost $0.20 or so to trade at $65.35 &
$70.85 respectively.
- Oil ran higher on Tuesday as risk sentiment improved, geopolitical tensions in
the Gulf remained elevated and as a report suggested that Saudi Arabia wants oil
closer to $80 to support the country's budget & IPO of Saudi Aramco.
- Iran's oil minister was more measured in the Asia-Pacific time zone as he
suggested that "current oil rices are acceptable", and "all are comfortable with
the current price".
- WTI's bounce to start the new week has resulted in another aggressive rally
that sees immediate focus return to the Mar 26 high ($66.55) & the YtD cont.
high ($66.66). Bulls need a close above this region to open up a move to the Dec
01 2014 cont. high ($69.54), with daily studies perfectly placed for a fresh leg
higher. Bears now look for a close below Tuesday's hourly support ($64.37) to
gain breathing room.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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