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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Apr WTI crude oil this morning is up +72 cents (+1.45%) and Apr gasoline is up +0.0371 (+1.96%). Apr crude and Apr gasoline prices on Monday closed lower: CLJ5 -0.17 (-0.34%), RBJ5 -0.0629 (-3.18%). Bearish factors included (1) a rally in the dollar index to a 5-week high, and (2) increased crude output in Saudi Arabia, the largest OPEC producer, as Saudi Arabian Feb crude production rose +130,000 bpd to 9.85 million bpd, the highest in 17 months. Losses in crude were limited after an oil industry survey from Genscape Inc. said Wednesday’s EIA data will show a negligible increase of crude inventories at Cushing, OK, the delivery point for WTI futures, for the week ended Feb 27.