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The major crude benchmarks operated in mixed....>

OIL
OIL: The major crude benchmarks operated in mixed fashion overnight, with Brent
recording marginal losses and WTI printing marginal gains.
- This came after some modest weakness inspired by reports pointing to a
surprise headline build in crude stocks in the latest weekly API inventory
estimate.
- Traders now look to Wednesday's DOE inventory release.
- WTI's topside hesitation took its toll with the correction from last week's
lows stalling ahead of the $71.13 resistance. The sell-off Monday sees immediate
focus back on the 100-DMA and overall focus return to the June monthly low
($62.99). Daily studies approaching O/S is a concern for bears. Bulls need a
close above the 55-DMA to gain breathing room and above the 21-DMA to shift
initial focus to $71.13.
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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