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Tuesday, August 16, 2016

Crude Oil

Oil prices continued to rally on expectations that OPEC and other  producers will agree to freeze production at an meeting in Algeria next month at the International Energy Forum on September 26-28. Saudi minister expressed it’s intent to discuss the current market condition and explore ways to support prices. Though crude oil supplies are exceeding recent estimates by a wider margin, traders are currently focusing on potential freeze talks. From the chart, WTI Crude could rally towards $48.50 before retreating.


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