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Prices Drift Higher

OIL

Crude futures have drifted higher in Asia-Pac trade on Tuesday; WTI is up $0.21 from settlement levels at $74.31/bbl, Brent is up $0.20 at $75.36/bbl. Demand concerns around the Delta-variant of coronavirus abound, but the drop in case numbers in Sydney helped underpin prices. This keeps the technical outlook unchanged, with Brent still vulnerable following last week's downleg. The focus is on $71.24, the Jun 17 low. Gains are considered corrective. WTI has also cleared its 20-day EMA last week and attention turns to $69.54, Jun 17 low.

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