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Where will oil go from this consolidation?
Oil is down 1.3% since the start of the day on Friday and remains on a tight leash around its 200-day moving average. The previous afternoon, oil managed to resist pressure from a strengthening dollar. It failed to make any gains on Friday due to caution in global markets, from currencies and equities to commodities and cryptocurrencies. Fundamental factors weighing on oil include a weaker-than-expected European economy and a new wave of house price falls in China. The latter reflects the weakness of the real economy, which is negative for commodities despite the measures taken to support the financial market. Gas ... (full story)