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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Oct WTI crude oil this morning is up +30 cents (+0.32%) and Oct gasoline is up +0.0075 (+0.30%). Oct crude and gasoline prices on Thursday settled mixed: CLV4 +1.16 (+1.27%), RBV4 -0.0024 (-0.09%). Oct crude posted a 16-month low and Oct gasoline slid to a 10-month low on bearish factors that included (1) the action by the IEA to lower its 2014 global oil demand forecast by -150,000 bpd to 92.6 million bpd and cut its 2015 global oil demand forecast by -165,000 bpd to 93.8 million bpd, and (2) the action by the IfW Kiel economic institute to cut its 2014 German GDP estimate to +1.4% from a Jun forecast of +2.0% and cut its 2015 German GDP estimate to +1.9% from +2.5%. Crude prices recovered and closed higher, though, after the dollar weakened.