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USOIL News

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Last Updated Date: 6 September 2021 @ 10:10 AM (UTC)
*Please note that all the dates are in GMT time zone

Oil prices fell on Monday, extending losses after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.

The market shows short term peaking action, driving initial topping selloffs to test 67.20 retracement support. A close under 67.20 alerts for a larger top/downturn and projects selloffs to 65.20. Trade may try to bounce off 67.20 and consolidate declines inside Thursday’s range. Only a close over 72.00 rekindles bull trend forces.
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