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Is Challenging The 50-Day EMA


Trend Condition Remains Bullish


CPIs are the main focus


(F3) Gains Considered Corrective

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OIL: WTI & Brent futures have each added a few cents overnight, extending on
Thursday's modest gains, after the contracts experienced pressure from month-end
flows on Thursday, pushing them well away from session highs. WTI still managed
to lodge a gain of over 18% in January.
- A weak Chinese Caixin manufacturing PMI limited crude overnight.
- Thursday saw JBC's survey indicate a decline of 900K bpd in terms of OPEC
production in January.
- BP's Husky refinery experienced some production issues owing to the cold
- WSJ reported that Venezuela's Citgo was contemplating declaring bankruptcy in
the U.S., which was later played down by the firm.
- Baker Hughes rig count data is due Friday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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