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WTI Crude – Head and Shoulders Facing Breakout
WTI saw some strength towards the end of last week and the opening day of this on the back of a larger than expected drop in inventories and an apparent hint from OPEC that it may be willing to consider production cuts. That has been offset over the last couple of days by figures showing record output from Saudi Arabia and today, a larger than expected build in crude oil stocks. We saw a big correction in WTI between Thursday and Monday – rallied more than 30% off Wednesday’s lows – but this is healthy in the markets and bears may well now see this as having created fresh opportunities. Yesterday’s sell-off ... (full story)