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Crude Futures Rebound After Losing Streak

OIL

Oil gained in Asia on Monday, rebounding after its worst weekly loss since April 2020 and a seven session losing streak, both WTI and Brent are up over 1% after an ~8% drop last week. Risk sentiment has been broadly positive in Asia which has seen equities and commodity markets rise. WTI is dealing around $62.98 and has resistance at $65.00, the Aug 9 low, Brent sees resistance at $68.14/70.04 the low Aug 16 / high Aug 18. There were reports over the weekend that the Libyan Central Bank Governor has called for a boost in domestic oil output of around 40% of its current level in order to boost spending and facilitate the economic recovery.

Energy BulletsCommodities
Energy BulletsCommodities

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