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Crude oil outlook: WTI erases losses
Crude oil prices turned positive, erasing earlier losses of around 2.5%, to make the short-term crude oil outlook more neutral-to-slightly positive. In what looks like a short-covering rally, WTI bounced from a base of $74.65ish to rise above $76.00, making back more than $1.50 worth of losses from earlier in the day. You can’t call it a ‘delayed’ reaction to this weekend’s surprise from Saudi Arabia as prices did initially gap higher, before slumping. Perhaps traders are thinking twice about shorting oil, after Saudi took the matters into its own hands. After threatening short sellers will be ‘ouching’ ... (full story)