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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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July WTI crude oil this morning is up 17 cents (+0.30%). July gasoline is up +0.0165 (+0.85%). Wednesday's closes: CLN5 -0.52 (-0.90%), RBN5 -0.0334 (-1.68%). Jul crude and gasoline on Wednesday closed lower with Jul gasoline at a 1-month low due to the rally in the dollar index to a 1-month high and on plans by Iraq, the second-biggest producer in OPEC, to increase its crude exports in Jun by +800,000 bpd to 3.75 million bpd. Crude oil saw some support from expectations that Thursday's weekly EIA data will show that crude inventories fell -2.0 million bbl for the fourth consecutive weekly decline.