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The major oil benchmarks operated below their...>

OIL
OIL: The major oil benchmarks operated below their closing levels with WTI $0.10
softer at $68.10, while Brent crude shed $0.30 to deal at $77.20.
- Reports of cracks within the OPEC cartel and questions over their production
curbs continue to weigh on sentiment.
- Elsewhere reports suggested that the latest API crude inventory release
pointed to a headline Crude build, alongside a build in distillates and a
drawdown in gasoline & Cushing stocks.
Traders now await the weekly DoE crude inventory release.
- Having found support on the dip below the bull channel base off Feb lows WTI
bulls take comfort in the close above $67.42 that provides breathing room and
increases the risk of a correction back to the 21-DMA at $70.15.
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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