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USOIL News

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Last Updated Date: 19 July 2021 @ 8:26 AM (UTC)
*Please note that all the dates are in GMT time zone

Oil prices recouped some losses on Monday, but were still down after OPEC+ overcame internal divisions and agreed to boost output, which sparked concerns about a crude surplus as COVID-19 infections continue to rise in many countries.

Overall the market is bearish and after close selloff puts trade into a bear stance, positioned for declines to test under 69.90. A close under 69.90 warns for a wash towards the 66.60 low. Any congestion trapped inside Friday’s range will remain aligned for selloffs.

 
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