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Crude Output Reductions Drive Prices Higher


Oil prices rose strongly on Tuesday in thin volumes due to the US holiday. WTI has started Wednesday lower at $70.94/bbl. Saudi Arabia’s announcement to extend its 1mbd output cut into August and Russia’s 500kbd export reduction provided support in the face of persistent demand fears. The USD index is 0.1% higher.

  • WTI rose 1.7% and traded above $70 with breaks below short lived. The intraday low was $69.90 followed by a high of $71.36. Resistance is at $72.72, June 21 high, and support at $66.96.
  • Brent is 2% higher at $76.12, close to the intraday high of $76.29. It spent most of Tuesday above $75 with the intraday low at $74.74. It continues to trade below resistance of $77.25, June 21 high, while support is $71.43, May 31 low.

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