Brent crude closed above the upper line of Bollinger technical indicator for the first time this year. This is usually seen as a buy signal.
West Texas Intermediate crude, the U.S. counterpart, also hovered near this level. That buy indicator will be obliterated if Wednesday’s Energy Information Administration report shows higher U.S. crude, gasoline, Cushing stockpiles or production, according to Bob Yawger, director of the futures division at Mizuho Securities USA Inc.
Source: Bloomberg
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