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Oil off 2016 highs, now down at $38.50 towards close

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil has been a bumpy ride in the closing session this week in the US.

    We are now down form the highs of $39.99 WTI and stabilizing at $38.50 after the Baker Hughes US oil rig count 386 vs 392 prior announced in the last hour.

    The data came as the commodity sector has started to make a come back. Oil has been recovering from this year's lows of $26.03bbl on 11th Feb. The rising channel's high was made today, but was short lived with total rigs down to 480 from 489 and the lowest in 41 years.
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