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The major crude benchmarks hovered around.......>

OIL
OIL: The major crude benchmarks hovered around unchanged levels overnight, after
the global trade developments re: the U.S.-EU meeting & supply issues
surrounding the Bab el-Mandeb Strait put a bid in on Thursday.
- Traders now look to the weekly Baker Hughes rig count data, due later today.
- Bulls took comfort in support emerging ahead of the 100-DMA and the $65.89
support with pressure returning to the 21-DMA ($69.80). Bulls still need a close
above the 21-DMA to shift initial focus back to $70.60-71.13. While the 21-DMA
caps bears look for a close below yesterday's low ($68.92).
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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