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Oil prices surged ahead with the gains on Tuesday as price briefly traded above the 42.00 handle.
However, failure to build upon the momentum saw prices being rejected, pushing crude oil to close below 42.00.
At the time of writing, price action is once again testing this level. A breakout above 42.00 will potentially clear the way for crude oil to continue pushing higher.
The next key target in the medium term will be the 50.00 level. This will see oil prices recovering nearly 70% of the declines from earlier this year.
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