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Crude Oil Price Update – $61.41-$62.35 Potential Near-Term Target
U.S. West Texas Intermediate crude oil futures are trading higher on Monday after hitting their highest level in over a week after two large crude production bases in Libya began shutting down after forces loyal to commander Khalifa Haftar closed a pipeline. Trading was light with U.S. markets closed for the Martin Luther King Jr. holiday. At 11:46 GMT, March WTI crude oil is trading $58.92, up $0.34 or +0.58%. The main trend is down according to the daily swing chart. A trade through $57.42 will signal a resumption of the downtrend. The main trend will change to up on a move through the last swing top at $65.40. ... (full story)