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OIL: The major crude benchmarks have given......>

OIL
OIL: OIL: The major crude benchmarks have given back some of Friday's gains in
the Asia session, with WTI edging down 0.17 to $68.41 currently, holding above
its 50DMA and Brent dropping 1.34 to 74.20, struggling to break above its 50DMA.
The bull market in WTI appears to have returned with a vengeance following
Friday's surge, with no resistance until the May peak. For Brent, a close above
the 50DMA would strongly suggest the recent weakness from the mid-May high has
been a consolidation pattern before a break higher. 
- The major move of late has been the sharp narrowing of the Brent-WTI spread
which has dropped 5 big figures since the start of June. 

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