Crude oil rebounded in NY session Tuesday as driven by reversal in Wall Street. Corporate earnings results were disappointing while new home sales plunged to an 8-month low. However, investors looked forward for Fed Chairman Ben Bernanke’s Congressional testimony in Capitol Hill today. The market anticipated Bernanke would downplay recent weak data that might lead to a double-dip recession.
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Crude Rebounded together with Equities Despite Mixed Housing Data
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