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Crude oil surge faces major resistance

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil surged on Monday as the International Energy Agency (IEA) projected US shale oil production to decrease substantially within the next two years. Specifically, the IEA expects to see shale production in the US decrease by 600,000 barrels per day in 2016 and by 200,000 additional barrels per day in 2017. This projection, an optimistic positive for the currently oversupplied oil markets, helped to reinforce Friday’s US rig count data, which showed the numbers of oil rigs in the US

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