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Crude has fallen afoul of weekend reports.......>

OIL
OIL: Crude has fallen afoul of weekend reports that Saudi & Russia will push for
an increase in OPEC+ crude production in Q3, although the likes of Iran, Iraq &
Venezuela are pushing back against such suggestions.
- OPEC+ producers will meet in Vienna later this week.
- WTI's decline has outpaced Brent, with the former shedding $1.30 & Brent
losing $0.80.
- The latest Baker Hughes rig count data, released Friday, showed 1 additional
US rig online in the most recent week.
- WTI's 55-DMA reconfirmed significance with the contract aggressively rejected
ahead of this level Friday. The sell-off that followed leaves the contract
looking heavy and bears now focused on the bull channel base off Aug 30 lows
coming in around $63.14 today. Bears need a close below the channel base to add
weight to the case for a test of the 200-DMA ($59.91). Bulls now need a close
above $65.42 to ease bearish pressure.
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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