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US Oil Struggles for Bids

WTI crude jumped as the EU worked on more sanctions against Moscow. The price is consolidating above 70.00 as the bulls cling on the psychological level and 12-month low. The 70.00-81.10 range may be narrowing as traders probe levels back and forth. 74.30 is a fresh support to prevent the commodity from revisiting the critical floor right below. A close above the former support 78.30 may brighten up the mood and attract more buying interests. Only a rally above 81.00 would pave the way for a bullish reversal.

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