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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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May WTI crude oil this morning is down -26 cents (-0.55%) and May gasoline is up +0.0071 (+0.40%). Tuesday's closes: CLK5 -1.08 (-2.22), RBK5 -0.0227 (-1.26%). Crude oil and gasoline prices on Tuesday closed lower due to strength in the dollar index combined with expectations for another big 4.5 million bbl increase in U.S. crude oil inventories in Wednesday's EIA report. Crude oil prices also saw some weakness on the possibility of an Iranian nuclear deal, which could eventually lead to reduced sanctions on Iran and increased Iranian oil exports.