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CRUDE OIL DIPS OVER DOUBTS THAT HIGH OPEC COMPLIANCE WITH ANNOUNCED CUTS WILL LAST


Oil prices dipped on Wednesday over concerns that producer club Opec would not be able to maintain its high compliance so far with output cuts aimed at reining in a global fuel supply overhang.

Brent crude futures were trading at US$55.80 per barrel at 0115 GMT, down 17 US cents from their last close.

Outside physical oil markets, a rising correlation between crude futures and the US-dollar has caught market attention.

Oil prices and the US dollar are typically in a so-called inverse correlation, since a strong greenback weighs on crude as it makes fuel purchases more expensive, potentially crimping demand. A weaker US dollar supports oil as it makes fuel imports cheaper.

Yet that inverse correlation has been upended, and the price link between Brent and the US dollar is now at its highest since 2005, Thomson Reuters Eikon data shows.

Our Latest Recommendation:
SELL CRUDE OIL 53.30 TARGETS 52.90 52.50 STOPLOSS 53.80.
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