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08:20
10/11/16
10/11
08:20
10/11/16
08:20

Energy Action: NYMEX crude

Energy Action: NYMEX crude has come off the boil to an extent, fading back into $50.62 lows, after topping at four-month highs of $51.60 on Monday. The rally came following reports that Russia would consider freezing or cutting production in November, should OPEC agree to do the same. A firmer dollar has prompted some profit taking this morning, though with an output agreement of some sort likely, oil is now seen in a buy-the-dip situation. Support comes in at $50.00, with resistance up at the June 9 high of $51.67.

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