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The major oil benchmarks traded a few cents.....>

OIL
OIL: The major oil benchmarks traded a few cents lower in Asia-Pacific hours
after coming under pressure on Thursday as Russia noted that the OPEC+ nations
may relax their oil production constraints, a view echoed by Saudi energy
minister Al-Falih early on Friday, although he noted that no commitment to such
a move has been made.
- Traders will also eye the weekly Baker Hughes rig count print, due later
today.
- Hesitation around the daily bull channel top is less than ideal for bulls with
daily studies correcting from overbought. Bears now look for a close below the
May 14 low ($70.24) to end bullish hopes and shift focus back to $65.38-67.57
where the bull channel base and 55-DMA are located.
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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