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Oil Off Highs, But Remains Bullish

COMMODITIES
  • WTI and Brent crude futures sit above the overnight lows, but are yet to make any headway toward the cycle highs printed earlier in the week. WTI eked out a high of $76.67 Tuesday, with Brent outperforming slightly to touch $80.75 before fading.
  • Both oil benchmarks sit modestly lower ahead of the NYMEX open, but the short-term bullish themes are intact following the recent build-up in expectations for tight supply across the winter months.
  • Gold is bearish and traded lower yesterday. The metal last week cleared former support at $1742.3, Sep 20 low. This confirmed a resumption of the current short-term bear cycle and signals scope for a move towards $1742.5, 76.4% of the Aug 9 - Sep 3 rally. A breach of this level would open the key support at $1690.6 further out, Aug 9 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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