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Brent Oil recovers from near 5-DMA levels

The Brent Oil bearish momentum ran out of steam as prices neared 5-DMA stationed at $39.23 levels. Analysts say falling US output is supporting prices. However, horrible China data released yesterday triggered concerns regarding falling oil demand.
The USD index is also making it difficult for the futures to retake $39 handle. Traders now await the US government weekly inventory data release.

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