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Oil traded back to unchanged levels.............>

OIL
OIL: Oil traded back to unchanged levels overnight, as risk sentiment was
dampened by a fall in the Chinese yuan, pushing crude away from the early
session highs.
- Oil rose on Thursday as Saudi Arabia pledged to not "over-supply" the market.
- Traders now look to the latest weekly Baker Hughes rig count data, due later
today.
- WTI Bulls take comfort in support emerging ahead of the 100-DMA ($66.12) and
the $65.89 support. Bulls now need a close above the 21-DMA ($69.56) to shift
initial focus back to $70.60-71.13. Daily studies correcting from oversold add
support to the bullish case.
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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