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Crude Futures Build On Gains After Supportive Inventory Data

OIL

Crude futures are higher in Asia-Pac trade supported by positive risk sentiment in the region with Chinese equity markets rebounding after a recent selloff. WTI is up $0.30 from settlement at $72.69/bbl, Brent is up $0.35 at $75.09/bbl.

  • Oil benchmarks rose yesterday with WTI and Brent crude both closing in positive territory. Oil received further support from the weekly DoE inventories report, with the headline crude stockpile seeing a draw of 4mln barrels over the week, close to double market expectations.
  • From a technical perspective after taking out the July 26 high at $72.43 bulls will target the 76.4% retracement of the Jul 6 - 20 downleg at $73.46. Brent bulls seek a break of the 76.4% retracement of the Jul 6 - 20 downleg at $75.39.

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