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WTI Extends Winning Streak, RSI Flashes Overbought

COMMODITIES
  • WTI cemented 14 consecutive sessions of higher highs Tuesday, with the front-month contract creeping higher to touch a new cycle best of $72.03/bbl. The persistent rally has now pushed the WTI RSI into overbought territory, which may suggest the rally could decelerate going forward, although momentum remains in tact for now.
  • Both Brent and WTI saw support off the back of reports that Iran had completed the production of over 100kg of 20% enriched uranium, directly running against US sanctions agreements and lessening the likelihood of a return to international energy markets for Iranian crude supply.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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