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Oil Prices Struggle Near $50 Handle
Crude oil prices posted three straight weeks of gains reversing off the lows near $43.40 and thus marking the completion of the head and shoulders pattern that the readers were first alerted to back in August. The current rally in oil prices is well supported by the fundamentals. The EIA’s weekly crude oil inventory report showed 5 weeks consecutive weeks of drawdown. Furthering adding to the bullish fundamentals was also the surprise agreement between OPEC leaders in Algeria on freezing production levels in the range of 32.50 – 33.0 million barrels per day. Oil traders will be looking to today’s EIA inventory ... (full story)