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Oil futures managed to claw back around $0.30...>

OIL
OIL: Oil futures managed to claw back around $0.30 after Friday's risk-off/trade
war inspired losses. - WTI last traded at $62.35, while Brent last trades at
$67.40.
- An increase in the weekly Baker Hughes rig count also placed additional
pressure on the space on Friday, as did the fact that money managers slashed
their bets on higher WTI prices according to the latest CoT report.
- Although, weekend stories noting that China's oil product consumption through
the end of February rose by 6.4% Y/Y helped to stabilise crude.
- WTI's sell-off from $66.55 continued last week with a bearish close on Friday
seeing immediate focus back on the 100-DMA ($60.93). Resistance at the April 4
high (64.12) will be key this week.
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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