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OIL: Crude pushed higher as risk sentiment was buoyant in the Asia-Pacific
session. WTI & Brent added $0.40-0.50 to trade at $68.90 & $ 74.00 respectively.
- This came after the latest round of US DoE inventory data (released
Wednesday), which pointed to a fall in inventories across the board, which
outweighed the increase in US production.
- WTI bulls have regained control with an aggressive rally. Fresh 2018 & 3+year
highs as well as a bullish close which sees immediate focus on the $69.37-54
resistance zone. Overbought daily studies and the Bollinger top ($68.74) are
noted as concerns for bulls. Bears now need a close below yesterday's hourly
support level ($67.57) to gain breathing room and hint at a correction back to
$64.50-65.59 where the 21-DMA ($65.23) is found.