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Oil got here into the day on a three-day profitable streak and appeared to be extending that to 4 as features stretched to $114.01 on the highs.
However a pointy turnaround began 4 hours in the past and it completed just under $110.
One of many causes was a remark from a US OPEC envoy who mentioned he hopes the cartel will transfer to ‘step 2’ of efforts to extend provide. The sequencing reference in his feedback means that the US pitched a plan to the Saudis, which clearly bought some traction as they shocked the market final month by upping manufacturing.
Tomorrow is the OPEC+ assembly so we can’t have to attend lengthy.
On the technical facet, the highest got here in between the 50-61.8% retracement ranges of the June swoon. That is not an important signal for the bulls, neither is the (borderline) exterior day in the present day.
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