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USOIL News

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Last Updated Date: 9 June 2021 @ 9:31 AM (UTC)
*Please note that all the dates are in GMT time zone

Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted.

The market is triggering a short term upturn, looking for attempts to extend rallies and attack the previous 71.71 high peaking levels. A breakout over the 71.71 swing high signals a stretch to 73.21. Minor corrective dips should only last 1-2 days at this stage of the drive and likely fight to rebound from 68.93. A close under 68.47 is bearish and suggests a secondary selling wave.
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