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Oil Buoyed By China Demand Hopes

COMMODITIES
  • Crude oil sees a mixed but ultimately stronger day, climbing with help from China issuing a fresh round of import quotas which could bode well for demand before fading later in the session.
  • WTI is +1.4% at $74.81 off a high of $76.74 as it fleetingly poked above the 20-day EMA before retreating, a clearer break of which could open $78.80 (50-day EMA).
  • The recent upward momentum is reflected in the day’s most active strikes in the CLG3 being at $83/bbl calls.
  • Brent is +1.5% at $79.76 off a high of $81.37, within resistance at the 20-day EMA of $81.96.
  • Gold is +0.3% at $1872.00 off a high of $1881.54 as the trend conditions remain bullish, with resistance seen at $1896.5 (61.8% retrace of the Mar-Sep bear leg).

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