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Oil once again needs to confirm its uptrend
WTI remains within the upward trend formed in early May. However, be prepared for another test of this trend support at $71 and a possible move lower. chart The current upward trend in oil has been shaped by signs that the economy continues to outperform expectations, showing resilience despite tighter financial conditions. On the side of oil buyers, there was a wide range of factors, from increased demand for risky assets to signals from the US president’s administration that the strategic fuel reserve would soon begin to be replenished. Despite all that, in the middle of last week, the rise in the price of a ... (full story)