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Support Appears Exposed


Greenback Bounces To Three-Week Highs


Downtrend Remains Intact

OIL: WTI last trades $0.05 lower at $61.30, while Brent trades $0.15 or so
higher at $64.50.
- Crude did rally on Wednesday following a smaller than exp. build in DoE
headline crude inventories, before selling off as US production fears took a
hold once again.
- Crude does trade well away from Wednesday's lows as risk sentiment has
- From a technical perspective WTI continues to chop around 21 & 55-DMAs this
week with follow through lacking in both directions. Layers of support remain
$59.14-60.13 where the daily bull channel base and 100-DMA are noted. Bears need
a close below the 100-DMA to hint at a move back to $53.30-55.37 with below
$57.90 to confirm. Bulls look for a close above $64.24 to hint at a move back to
$66.39-65 and above $64.97 to confirm.
MNI London Bureau | +44 0203-865-3809 |