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Crude Oil Near-Term Strength Could Build Over $57.36 to $56.08 Retracement Zone

From fxempire.com

U.S. West Texas Intermediate crude oil futures are trading slightly better early Thursday after an industry reported showed a fall in U.S. crude stockpiles last week. The market also remains underpinned by positive comments by Federal Reserve Chairman Jerome Powell. Helping to cap gains are a report that showed China’s industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on activity in the world’s second-largest economy. At 03:37 GMT, January WTI crude oil is trading $57.49, up $0.29 or +0.51%. Daily Swing Chart ... (full story)

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