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Crude breaks above the 100-day moving average

Posted on: March 08, 2016

The rally in WTI continued on Monday, as the curve broke higher to eventually settle at $37.90, a gain of almost $2 against Friday's settle. Falling rig counts, projections of shale oil production declines and potential OPEC/Russia meetings are giving bulls some optimism for the first time since last spring.

Brent also moved higher, trading above $40 for the first time in over two months. This morning the curve is trading sideways.

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