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Crude oil moved higher overnight as French......>

OIL
OIL: Crude oil moved higher overnight as French President Emmanuel Macron
revealed his belief that the US will withdraw from the Iranian nuclear deal. WTI
& Brent added $0.40 to trade at $68.40 & $74.40 respectively.
- This came after the weekly DoE crude inventory data revealed a surprise
headline draw (much like the one seen in the API inventory estimate on Tuesday),
while distillate & gasoline stocks fell, Cushing stocks ticked higher & US
production edged higher.
- The rejection ahead of 2018 is a concern for bulls when combined with daily
studies correcting from overbought and the proximity of the Bollinger top
($70.22). Bears now look for a close below Wednesday's low ($67.11) to gain
breathing room. Bulls need a close above the YtD high ($69.55) to reconfirm
focus higher.
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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