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WTI Retakes $70

OIL

WTI & Brent crude futures sit ~$0.70 & ~$0.60 above their respective settlement levels, although most, if not all, of the gains were realised around the settlement period. WTI has now reclaimed the psychological $70.00 barrier, with mortality fears re: the omicron COVID strain receding. Chinese crude import data was also supportive for prices.

  • From a technical perspective, bulls now look for a move above the Nov 30 highs in each contract.
  • Focus now moves to the weekly API crude inventory estimates, due late on Tuesday.
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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