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OIL – Higher For The Week as Recession Fears Lowered, Middle East Tensions Continue.

OIL


  • Oil moved higher over night on simmering tensions in the Middle East as concerns over a potential attack on Israel by Iran intensifies.
  • Having traded up towards 81.50 overnight, Oil gave back some early gains in the Asia session trading at $80.86, representing a 1.5% increase on the week.
  • West Texas Intermediate briefly traded above $78 a barrel before settling at $77.92 during the Asian market session, representing a 1.3% increase on the week.
  • Data throughout Asia this week was mixed with China posting a 8% yoy decline in demand whereas Singapore exports saw a marked increase.
  • Overnight data from US offset the data from Asia pointing to a more robust US economy than expected.

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