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WTI and Brent traded little changed.............>

OIL
OIL: WTI and Brent traded little changed overnight, with traders focused on
supply side matters in the U.S., Saudi Arabia & Libya. The aforementioned
factors weighed on crude on Monday, with WTI shedding over 4.0%.
- Participants now look to Tuesday's API crude inventory estimates, with
analysts looking for a headline crude drawdown in Wednesday's DOE inventory
dataset.
- Topside hesitation in WTI has again taken its toll with the correction from
last week's lows stalling ahead of the $71.13 resistance. The sell-off on Monday
sees immediate focus back on the 100-DMA ($65.93) and overall focus return to
the June monthly low. Daily studies have a room to move before oversold becomes
an issue. Bulls now need a close above the 21-DMA ($69.13) 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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