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Recession Worry & ECB Induced Rally


(U2) More Stable But Still Fragile Longer Term


A$ To Fresh Multi-Week highs


(U2) Recovers Off Lows, Remains Neutral


TYU2 Blocked

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NYMEX October light sweet crude oil....>

US OIL CLOSE: NYMEX October light sweet crude oil futures settled up $0.93 at
$50.41 per barrel, after trading in a $49.75 to $50.42 range. West Texas
Intermediate last closed above the psychological $50 mark July 31.
As background, WTI posted a high of $52.00 May 25, before the announcement of a
nine-month extension of the OPEC/non-OPEC production cuts, and that will be the
next larger topside target.
The extension was largely priced in and oil fell to $42.05 on June 21. Rumors
continue to swirl that OPEC may extend the current agreement, set to expire in
March 2018, until the end of next year.
EIA crude inventory data, released earlier, showed a 5.69 million crude stock
draw in the week ending Sept 15.

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