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Oil prices marched higher also and.....>

US OIL CLOSE
US OIL CLOSE: Oil prices marched higher also and closed above key technical
levels.
- NYMEX September light sweet crude oil futures settled up $0.67 at $49.71 per
barrel, after trading in a range of $48.86 to $49.81.
- The earlier West Texas Intermediate high was the highest crude level since May
30, when prices peaked at $50.28.
- WTI has broken above, and more importantly closed above, its 200-day moving
average, currently at $49.41, which targets the psychological $50 level. Crude
last closed above $50 May 24.
- Most recently WTI topped out at $52.00 May 25, before the announcement of a
nine-month extension of OPEC/non-OPEC production cuts. The extension was largely
priced in and oil fell to $42.05 on June 21.
- Subsequently, market players re-entered long crude positions again on hopes of
rebalancing later in the year.

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