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Oil Holds Below $53 as Shutdown Deal Counters U.S. Stockpiles

From bnnbloomberg.ca

Oil held under $53 a barrel as a tentative deal to avoid another growth-killing U.S. government shutdown was offset by the prospect of rising American crude inventories. Futures in New York clawed back most of a 0.6 percent drop on Monday that sent them to a two-week low. Congressional negotiators said Monday night in Washington they had reached a deal in principle on border security to avoid closure of the federal government. U.S. crude stockpiles are projected to rise for a fourth week, the longest such run since November, according to a Bloomberg survey before data due Wednesday. Crude’s rally has fizzled in ... (full story)

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  • Category: Fundamental Analysis