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Oil held around settlement levels in Asia,......>

OIL
OIL: Oil held around settlement levels in Asia, with little fundamental news
flow to trade off.
- Crude was pressured by a larger than expected headline & gasoline build in
Wednesday's DoE crude inventory data.
- Overnight Reports did suggest that the US is considering broad oil-related
sanctions on Venezuela, although markets chose not trade trade of the
well-documented story.
- For WTI, failure to better Monday's high and the hesitation ahead of $64.96
combined with O/B studies continues to weigh with bearish focus currently on the
close below $60.57 needed to shift focus back to $57.90-58.95 where the 100-DMA
and bull channel base are noted. Bulls now need a close above $63.58 to gain
breathing room and above $64.96 to target $66.39-65 where 2018 highs are noted.
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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