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Crude was supported on Monday by simmering......>

OIL
OIL: Crude was supported on Monday by simmering Middle East tensions as Israeli
forces struck Syrian targets & Israel called out Iran re: clandestine nuclear
development operations. WTI & Brent crude last trade $0.20 or so higher at
$98.80 & $74.95 respectively.
- We also learned that US February crude imports from OPEC stood at the lowest
level since January 2015.
- Reports on Monday suggested that the latest Genscape Cushing inventory data
pointed to a w/w draw of 259K barrels.
- WTI's rejections ahead of the 2018 highs are a concern for bulls when combined
with daily studies correcting from overbought levels and the proximity of the
Bollinger top ($70.78). Bears look for a close below the April 25 low ($67.11)
to gain breathing room and below the 21-DMA ($66.58) to shift initial focus
lower. 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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