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The bullish trends in oil markets received......>

OIL
OIL: The bullish trends in oil markets received another boost yesterday from the
news that the US is pressing its allies to cease importing Iranian oil by
November 4 of this year, or else face a variety of sanctions.
- The news saw WTI spike above $70 and it remains close to its highs at $70.40.
- Brent finally broke out of its multi-month bull flag formation, closing above
its 50DMA to trade at $76.50 currently.
- New highs appear to be in store for both markets, which continue to shrug off
broad commodity weakness and dollar strength, and in particular the mini
collapse in the Chinese yuan. At some point these fundamental headwinds should
begin to bite but for now continued gains look likely. 

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