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WTI Crude Tops $50, Breaks Above Key Technical Level

For the first time since August 10th, WTI crude is trading back above $50 (following the biggest crude inventory build in 6 months and a rebound in production last week).

The gains seem driven by refinery restarts and increased IEA/OPEC demand forecasts, and improved OPEC production cut compliance. This move also follows China’s lowest crude output since 2009 (amid dismal economic data). …

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