Intra-day Reversal Seen after Strong US Confidence Probably Short-lived as Uncertainty Remains

Crude oil tumbled in Asian and European sessions yesterday but pared its losses in mid- NY session as Wall Street rebounded sharply from the -3% decline in the morning session and closed unchanged. WTI crude oil price ended the day at 68.75, down -2.08%, after plunging to as low as 67.15. After market close, API's inventory report lifted price further.

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Intra-day Reversal Seen after Strong US Confidence Probably Short-lived as Uncertainty Remains