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Crude Softer as USD Bounces Off Lows

COMMODITIES
  • WTI and Brent crude futures sit in negative territory, off around 1.5% apiece as risk sentiment sours and the greenback regains some of its recently lost territory.
  • Negotiations between Iran and the West are in focus, with the Iranian foreign minister speaking this morning to reiterate his country's willingness to reach an agreement and revive the 2015 deal that could allow the return of Iranian crude to international oil markets.
  • Despite today's weakness in crude prices, the uptrend remains intact - the contract last week cleared resistance at $87.10, Jan 20 high. This maintains the bullish price sequence of higher or higher highs and higher lows and moving average conditions remain in a bull mode. Attention is on the psychological $90.00 handle next as price continues to climb. Key short-term support has been defined at $81.90, the Jan 24 low.

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