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Indian Issuance Plan Looms


(Z1) Trend Conditions Remains Bearish


(Z1) Needle Still Points South


(Z1) Bear Trend Sequence Intact


WTI Topples $75/bbl Handle

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Crude futures are higher in Asia-Pac trade on Wednesday, supported by stockpile data after US market hours. WTI is up $0.54 from settlement levels at $72.19/bbl, Brent is up $0.48 at $74.96/bbl. API data yesterday showed headline crude stocks fell 4.73m bbls, with the downstream report also bullish as gasoline stocks saw a 6.23m bbl decline and distillate stocks fell 1.88m bbls. If the gasoline print is confirmed it will be the biggest draw since March, while if the headline figure is decline that will represent the ninth draw in 10 weeks. Markets look ahead to US DOE stockpile data later today. Resistance for WTI is seen at $72.43 the high from Jul 26, Brent sees resistance at $75.39 the 76.4% retracement of the Jul 6 - 20 downleg.