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Crude is set to lodge monthly gains in March....>

OIL
OIL: Crude is set to lodge monthly gains in March. WTI last trades $0.10 lower
at $64.60, while Brent has added $0.20, to last trade at $69.70.
- On Wednesday, Iraq suggested that some producers were discussing an extension
of the OPEC/Non-OPEC agreement, although this was outweighed by a larger than
expected headline build in the weekly DoE inventory data.
- Crude has been underpinned in recent sessions by Trump's hiring of foreign
policy hawks to his administration and an escalation in Middle East tensions.
- Traders now await the weekly Baker Hughes rig count data ahead of the
elongated holiday weekend.
- The rejections ahead of WTI's 2018 highs are less than ideal when combined
with daily studies at O/B levels and looking to correct as well as the Bollinger
top ($66.33) limiting follow through. The break of $63.99 has lacked follow
through with bulls now looking for a close above $65.67 to return focus to the
$66.55-66 region and above $66.66 to target $69.54-73.25 last seen in early
2014. Bears now need a close below $63.58.
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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