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WTI came within 30 cents from its May 22 high...>

OIL
OIL: WTI came within 30 cents from its May 22 high yesterday while Brent tagged
$78.00, spurred on by a drop in domestic crude supplies. Both markets continue
to look set for new cyclical highs with extreme bullish positioning and weakness
across the commodity complex showing no signs of acting as headwinds at this
stage. 
- The Brent-WTI spread has narrowed back to to just $4.70, marking a $7 swing in
just 3 weeks.
- The WTI/Gold ratio has surged to its highest level since Nov 2014 and shows no
signs of stalling. 

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