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Rangebound Oil as Rally Peters Out

COMMODITIES

The firm rally in WTI and Brent crude futures cooled Thursday, pulling slightly off the cycle highs printed earlier in the week on likely profit-taking, mirroring the moves in equities.
Spot gold initially traded softer early Thursday, but this reversed ahead of the close as USD strength dissipated, helping gold rise back above the 200-dma. A further rally and close above the $1865.69 50-dma is now needed to solidify any move higher.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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