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Rally Rolls On

OIL

Oil continues its march higher; WTI is up $0.62 from settlement levels at $72.74/bbl, Brent is up $0.69 at $74.68/bbl. Bulls now look to resistance at $73.50 a 3.236 projection of Mar 23/30 /Apr 5 price swing. Data after market yesterday from the US API showed headline crude stocks fell 8.54m bbls last week, markets will look to US DOE inventory figures later today to confirm the draw which would be the biggest since January. Demand cues from the US remain positive, California opened up its economy yesterday while New York has now lifted all remaining restrictions.

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