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On Track For Seventh Weekly Gain

OIL

Crude futures built on yesterday's gains during the Asia-Pac session on Friday as progress in the US debt ceiling impasse helped support risk sentiment. The rally on Thursday was catalysed by the US Energy Department issuing a statement clarifying that there were no intentions to either release reserves or place a ban on energy exports. For the week crude benchmarks are on track for gains of around 3.5%, the seventh straight weekly gain. For WTI resistance is seen at $80.00 as a psychological round number, then at $80.57 - 1.50 proj of the Aug 23 - Sep 2 - Sep 9 price swing. For Brent resistance seen at $83.47 - high Oct 6.

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