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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.
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.