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      WTI rallying to the $46.00 handle

      FXStreet (Edinburgh) - The barrel of the West Texas Intermediate is sharply higher on Monday, currently trading in the upper bound of the range near $46.00 the figure.

      WTI shrugs-off Friday’s drop

      Crude oil prices are recovering part of the deep pullback seen last Friday, as market participants have been factoring in the recent drop in crude stockpiles (as per the EIA’s weekly report) and another decrease in US oil-rigs in use informed by driller Baker Hughes during last week, all pointing to some sort of reduction in crude oil output.

      Market participants have also perceived today’s comments by Fed’s J.Bullard as hawkish, leaving the door open for a rate hike at the October meeting, which has in time boosted the riskier assets and lifted sentiment.

      WTI levels to watch

      The barrel of WTI is now up 3.00% at $46.02 and a surpass of $48.42 (high Sep.3) would open the door to $48.87 (high Sep.1) and finally $49.33 (high Aug.31). On the other hand, the immediate support lines up at $43.59 (low Sep.14) ahead of $43.36 (low Sep.10) and then $43.21 (low Sep.2).

      EUR/USD breaks below 1.1200

      EUR/USD extended intraday weakness and dropped below the 1.12 mark to hit fresh 11-day lows, after staging a sharp setback from post-FOMC highs at 1.1459.
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      COT report: USD longs continue to decline before FOMC - Rabobank

      Analysts from Rabobank, took note of the latest Commitment of Traders (COT) report elaborated by the US Commodity Futures Trading Commission with data as of September 15. They note a decline in long USD positions and an increase in EUR shorts.
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