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FxWirePro: U.S. oil edges higher after 3 consecutive days of declines

USOIL chart - Trading View 

Oil prices rose on Wednesday as Gulf of Mexico producers made slow progress in rebuilding output after devastating Hurricane Ida.

Gains however, were capped by a stronger dollar and amid demand concerns arising from the impact of rising coronavirus infections.

Brent was up 1.37%, at $72.51 a barrel, at 1250 GMT, and U.S. West Texas Intermediate (WTI) crude rose 1.42%, to $69.29 a barrel.

WTI has paused downside after 3 consecutive days of declines, finds strong support at 21-EMA at 68.39.

Investors await API crude oil inventories data to determine further direction. Breakout of cloud required for upside continuation.

Break below 21-EMA will see dip till 110-EMA at 66.94. Breach at 110-EMA support will plummet prices further.
 

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