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Oil held a gain before the release of OPEC’s market outlook, with traders looking for clues on whether supply curbs will be extended, and US inflation data that will shape expectations for monetary policy. West Texas Intermediate traded above $79 a barrel after advancing by 1.1% on Monday, with global benchmark Brent closing near $83. With rising US ...
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The price of Brent oil broke the key resistance level of 84.00 and started an uptrend. The asset’s price rebounded to the crossing point of these trendlines and formed a long black candle at the end of the trading week to make up for the prior pullback. The price of oil is likely to drop at the beginning of next week. So, let’s observe whether this scenario ...