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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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Oct WTI crude oil this morning is down -74 cents (-0.77%) and Oct gasoline is down -0.0338 (-1.29%). Oct crude and gasoline prices on Friday posted 2-week highs and closed higher: CLV4 +1.41 (+1.49%), RBV4 +0.0321 (+1.24%). Supportive factors included (1) the stronger-than-expected Aug Chicago PMI, which signals improved fuel demand and consumption, and (2) the larger-than-expected increase in the Aug U.S. consumer confidence index.