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Oil falls below $56 as Saudi output restored


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The gap continues to close


Fresh reports said Saudi Arabia was close to restoring all of its oil output capacity.
That’s compounded yesterday’s 3% decline in oil with another 2.3% decline today. WTI is down $1.29 to $55.99.
I highlighted the bearish dip into the gap yesterday and that’s continue to play out and now threatens erasing the entire 15% gap higher from 9 days ago.
ForexLive

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