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Oil gained overnight with Brent outperforming...>

OIL
OIL: Oil gained overnight with Brent outperforming WTI, following Wednesday's
heavy losses that had been inspired by the trade-war situation and Libyan
production coming back on line.
- Asia's traders focused more on the large headline crude draw in the latest DOE
inventory release.
- Correcting overbought daily studies are now impacting WTI with a sharp
sell-off that sees pressure back on 21 & 55-DMAs. Bears now need a close below
the 55-DMA {$69.10) to shift focus lower. Bulls now look for a close above the
July 06 low ($72.14) to ease bearish pressure.
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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