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WTI crude found support from a lower-than-expected increase in stockpiles. The price has held well around 94.00 at the base of the flag consolidation from the daily chart.

The uptrend is still intact and the bulls may see the pattern as an opportunity to accumulate. The RSI’s double bottom in the oversold zone attracted some buying interest.

105.00 is the first resistance from the recent sell-off. Then 109.00 is a major ceiling where a breakout could prompt the last sellers to exit and resume the rally in the medium-term.

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