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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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Sep crude oil this morning is down -0.91 (-1.88%) and Sep gasoline is down -0.0027 (-0.15%) as bearish sentiment prevails. Thursday's closes: CLU5 -0.27 (-0.55), RBU5 +0.0140 (+0.80%). Sep crude oil and gasoline on Thursday closed mixed. Crude oil closed moderately lower on dollar strength and ongoing worries that the oil glut will get much worse late this year when Iran cranks up its exports. Crude oil closed lower and failed to see follow-through buying on Wednesday’s bullish weekly EIA report, which featured a -4.2 million bbl decline in U.S. crude oil inventories (versus expectations of +850,000 bbl) and a -1.5% weekly drop in U.S. oil production.