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Oil Dips From Closing Highs

OIL

After bouncing on Tuesday oil is slightly off highs; WTI last down $0.06 from settlement at $68.21/bbl, Brent is down $0.06 at $70.57/bbl. WTI and Brent crude futures rallied smartly Tuesday, with oil topping the Monday open to touch new weekly highs. Despite the strength in energy products, the move below the 50-day EMA last week looks convincing, with support now exposes at $66.91 for Brent. To resume any incline, bulls need to again take out $74.47, the 76.4% retracement of the Jul 6 - 20 downleg. API inventory data yesterday was bullish, headline crude stocks fell 816k bbls, while downstream inventories of gasoline stocks also fell which is confirmed by official DOE figures would be the fourth straight weekly decline.

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