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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 planning 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 crude oil this morning is up +56 cents (+1.89%) and Mar gasoline is down -0.0061 (-0.64%). Monday's closes: CLH6 -0.77 (-2.49%), RBH6 -0.0338 (-3.40%). Mar crude oil and gasoline on Monday closed lower with Mar gasoline at a 7-year nearest-futures low. Crude oil prices were undercut by the slump in global equity markets and by signs that OPEC will continue to overproduce after Venezuela's oil minister met with other OPEC oil ministers over the weekend and was unable to drum up support for a coordinated cut in OPEC oil production. Crude prices recovered from their worst levels as the dollar weakened.