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Energy complex continues to recover,....>

COMMODITIES
COMMODITIES: Energy complex continues to recover, helping Brent crude rise back
above the $60/bbl mark and testing $61/bbl at typing, making the Monday session
one of the strongest in months for oil prices. Nonetheless, analysts are largely
advising against buying into the bounce in WTI and Brent. Oil brokers PVM
recommend selling rallies, writing that contracts "have lost a lot of value,
they look dire". PVM see a modest short-term recovery before prices resume their
downward trend, adding that the daily and monthly stochastics are negative,
indicating that any strength is likely to be short-lived. PVM state any rallies
to the 5 and 8-day moving averages are opportunities to sell. 
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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