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OIL
OIL: Oil edged ever so slightly overnight, shedding a few cents, with WTI at
$68.35 and Brent at $73.60.
- Trump's decision on the Iranian nuclear deal remains front & centre for crude
traders, although a major North Sea Brent crude pipeline was shut on Thursday,
which supported oil through late dealing.
- WTI's rejections ahead of YtD highs are a concern for bulls when combined with
daily studies correcting from overbought levels & the proximity of the Bollinger
top. Bears now look for a close below the low from 01 May ($66.85) to confirm a
break of the 21-DMA ($67.20). Bulls continue to look for a close above the YtD
high ($69.55) to reconfirm focus on $71.37-73.25 where the medium bull channel
top is situated. 
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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