Crude Rallied as Strong Earnings Boosted Economic Optimism
BonTradeCrude oil's rally accelerated in NY session as equities surged after strong earnings reports, less-than-expected decline in existing homes sales and surprising rise in house price. Optimism from these data overshadowed an unexpected increase in initial jobless claims. Currently trading at 79.2, the front-month contract for WTI crude yesterday jumped to a 11-week high at 79.42 before settling at 79.3, up +3.58% while the front-month Brent contract rose +3.25% to close at 77.82.
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Crude Rallied as Strong Earnings Boosted Economic Optimism
