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Brent Crude - 30 Jun 17

Brent Crude - 30 Jun 17

Brent Crude continues to improve, now trading around $47.00 mark in over two weeks despite the EIA crude inventory showing a build up of 118K while a draw of over 2.0mn was expected. The outlook for crude looks positive given the improvement in growth outlook. Also, the European Energy Commitment of Traders report showed that the money managers have reduced their short positions in oil this week. 

Technicals

Brent Crude is recovering from near the base of the bear channel the momentum indicators are also improving we see a recovery to $50.250, possibly $52.65-53.00. Below 46.64 may delay but while above $45.0 a further recovery is very much likely. 

This article is an extended commentary piece from the FXNavigator service. The FXNavigator service provides intraday analysis of 42 currency markets with technical and economic research being updated multiple times per day. The service also includes fully interactive real-time FX charting utilizing TraderMades exclusive database of more than 40 years of data. Contact us at +44 20 8313 0992 or email for further information.

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