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Crude oil plunges again

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil has started the new week on the back foot, giving back a big chunk of the sharp gains made in the previous couple of weeks. At its high point, Brent reached $36.20 overnight, while WTI did not even get close enough to the high of $34.80 it hit Thursday before both contracts fell. At their peaks, WTI was thus some $7 or 26% above the multi-year low it made a couple of weeks ago, while Brent tacked on $9 or 33% from its corresponding base. The magnitude of this recovery in what

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