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The major crude benchmarks continued their......>

OIL
OIL: The major crude benchmarks continued their advance as Iran-Israeli tensions
simmered, with reports of missiles being fired between Israel & Iranian assets
in Syria. WTI & Brent added $0.60 each to trade at $71.75 & $77.75.
- The increase the aforementioned tensions comes after US President Trump walked
away from the Iranian nuclear accord, which had already boosted crude prices.
- Oil had garnered further support on Wednesday via a surprise headline crude
draw in the DoE crude inventory data, which was at odds with the API estimate.
- WTI's recent sharp sell-off was short lived & aggressively reversed resulting
in fresh 2018 & 3+Year highs with bulls currently focused on the channel tops
($71.80 & $74.16). Support layers building add to bullish confidence. Bears now
need a close below yesterday's hourly support levels (70.46) to gain breathing
room.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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