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Friday, February 02, 2007

Oil sector flat

Oil threading around $57.60 ahead of the US open..Interesting to note the sell off in base metals this morning..Copper down 2%..Zinc off 3.5%..A mixture of increasing inventories and the weak ISM data yesterday dampening mood.. A good read on non farm payrolls may help lift sentiment..downbeat sentiment may spill into oil..Will be interesting to see if we can close over 58 or will we fade from these levels.

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