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A five-wave cycle starting at $107.67 has completed at $116.20, and a Fibonacci retracement analysis reveals a target at $112.94, the 38.2 percent level.
The 50 percent level at $111.94 will become available if the support at $112.94 fails to hold the fall.
It seems Brent oil and WTI are moving in different directions, causing their spread to narrow further.
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