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Morning Briefing Brent (63.19) could see some interim dip to 62.20 before again moving up towards 64.00-64.60 again. Overall view is bullish with possible corrective dips. WTI (57.88) could also see a pause today before again moving towards important resistance of 59.
Even though the September and October CPI (2.23% and 2.05% y/y) have come in above 2.0%, perhaps the FOMC is looking at the Core CPI which remains well below 1.8%. We continue to look for Brent (63.16) to move up towards 65+ over the coming months, although a rise past 70 could take time.
To the extent a sharp rise in Brent above 70 is delayed, the US 10Yr (2.32%) might range sideways between 2.25-2.50% over the next few weeks. In the near term, yesterday's dip below 2.35% brings up chances of a test of 2.25% on the downside.
Last Updated Brent-WTI
23-Nov-17 5.22
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