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Oil shook off some early pressure that came.....>

OIL
OIL: Oil shook off some early pressure that came on the back of weekend reports
which suggested that both Saudi Arabia & Russia have begun to raise oil output,
with Russia's output reportedly breaching the levels agreed to under the OPEC+
accord.
- Friday's Baker Hughes rig count pointed to a marginal increase in active US
oil rigs.
- Both WTI and Brent operated around neutral levels.
- WTI bulls take comfort in the lack of follow through on dips below the 100-DMA
($64.85) with focus having returned to $66.35-68.70 where the 21 & 55-DMAs 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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