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OIL: The major oil metrics shed around $0.30, with WTI last trading at $67.95 &
Brent trading around $74.45.
- This came as the leaders of South & North Korea met and struck a generally
upbeat tone re: relations going forwards.
- Traders also continue to monitor the Iranian nuclear deal situation.
- This all came after reports suggested that the latest Genscape Cushing
inventory data (released on Thursday) pointed to a build of ~734K barrels.
- As ever traders will eye the latest Baker Hughes rig count data due later
- The rejection ahead of 2018 highs on Tuesday is a concern for bulls when
combined with daily studies correcting from overbought and the proximity of the
Bollinger top ($70.22). Bears now look for a close below Wednesday's low
($67.11) to gain breathing room and hint at a correction back to $65.96 where
the 21-DMA is found. Bulls need a close above the YtD high ($69.55) to reconfirm
focus on $70.94-73.25 where the medium term bull channel top is noted.