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Brent crude finds support from a surprise drawdown in inventories. On the daily chart, the price is taking a breather in a flag-shaped pattern after a parabolic ascent.

The uptrend can remain intact as long as the support of 98.00 stays still. A tentative break above 114.50 has prompted short-term sellers to cover.

The latest pullback saw bids at the 61.8% (104.20) Fibonacci retracement level while the RSI recovers to the neutrality area. A break above 117.80 could extend the rally towards 127.00.

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