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Crude Approaches Year-Old Trend Line
Crude oil has been climbing a trendline for the past year. This Great Graphic depicts this trend on a weekly bar chart. Depending exactly the line is drawn, it comes in now near $65 a barrel. The technical indicators are consistent with further losses. Oil is off for a third day, alongside other industrial commodities, including copper. In addition to concerns about the economic impact from the trade tensions, the world's three largest producers are committed to boosting output, even though there is some fluctuation in high-frequency data, not all of which are confirming a continued rise in production. API estimates ... (full story)