Oil (CL) is approaching a one-year bullish trendline

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Oil (CL) is now under very close scrutiny from commodities and USD traders as it is approaching a 462-day bullish trendline that witnessed CL jump from USD 43 to USD 74 per barrel. In spite of renewed US sanctions on Iran, the sustainable oil production from Saudi Arabia and shale gas production from the United States have counterbalanced a geopolitically-motivated increase in prices. One should therefore closely follow how the price behaves around that trendline using weekly candles.

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