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Oil uptrend gives way as selling accelerates in sixth day of declines

Discussion in 'Technical Analysis' started by ForexLive, Jun 16, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Strong dollar and rising supplies weigh WTI crude is down nearly 2% in a broad commodity slump. Oil fell yesterday then rebounded on an unexpected drop in US inventories. However, all the gains evaporated and it closed at the lows yesterday. The downward momentum has continued today as the US dollar gains against the euro, sterling and commodity currencies.

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