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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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Mar WTI crude oil this morning is down 52 cents (-1.14%) and Mar gasoline is down -0.0182 (-1.33%). Mar crude oil and Mar gasoline on Friday settled mixed with Mar crude at a 1-week low: CLH5 -0.72 (-1.55%), RBH5 +0.0156 (+1.15%). Bearish factors included (1) the rally in the dollar index to an 11-1/3 year high, and (2) comments from Salman Bin Abdulaziz Al Saud, the new Saudi Arabian king, that he will maintain the current Saudi crude oil policy of refusing to cut production. Crude prices recovered from their worst levels and gasoline closed higher on signs of global economic growth after the China Jan HSBC flash manufacturing PMI and the Eurozone Jan Markit manufacturing PMI both rose more than expected.