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Crude Oil closed higher due to short covering on Wednesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the 38% retracement level crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.