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Crude trims losses after Fed minutes but still finishes with second large decline

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Crude settles at $72.20, down $1.17

Crude settles at $72.20, down $1.17

Fears about the UAE breaking away from OPEC have weighed heavily on oil in the past two days after a remarkable run from $62.

Technically, the low today touched the 38.2% retracement of the move since May 21 so there’s scope for bottom picking but the area around $69.70 to $70.50 is more enticing.

The UAE isn’t making any friends in OPEC by knocking the price of oil down by 7-8%.

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