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Contango and confused, the oil market is still desperately trying to find its own personality as it tried to ignore the rest of the macroeconomic news all around us. With September crude in its final hours, it somehow did not seem right to set a new high price for the year by default. October crude came down in a collapsing contango that kept oil from setting a new high for the year. So today if oil is going to break through to new heights, the October crude is going to have to do it on its own merits.
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