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Oil Strength Persists, Tops Downtrendline

COMMODITIES
  • Strength across oil markets persists early Wednesday, with inclement weather and production shutdowns threatened by weather system Nicholas across the Gulf of Mexico.
  • As a result, WTI crude futures continue to trend higher, edging through the downtrendline drawn off the Jun high to strengthen the outlook further.
  • Despite the weaker USD helping boost commodities prices across energy products, precious metals have seen little reprieve - with gold and silver both in minor negative territory ahead of the Wednesday open.

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