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The major oil benchmarks managed to record......>

OIL
OIL: The major oil benchmarks managed to record marginal gains with questions
over the OPEC+ output agreement and worries over Venezuelan supply dominating
the headlines.
- Traders await the weekly API crude inventory estimate, with analysts
forecasting a draw in headline crude inventories ahead of this week's DoE
release.
- WTI's losses to start the new week ensure that the contact remains offered as
it now flirts with the 100-DMA ($64.73). Bears now look for a close below the
April 05 high ($63.87) to shift initial focus lower. Layers of resistance are
weighing despite daily studies sitting at oversold levels. Bulls now need a
close above the June 01 high ($67.34) 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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