Sentiment Boosted Modestly by Strong European Confidence

Crude oil resumes weakness after briefly recovering to 77.5 as strong data from the Eurozone eased concerns over economic slowdown. We believe oil price will remain directionless and hover around recent trading range for some time. Gold price is also a tad higher after Tuesday's selloff. Upside may be capped below 1180 and yield another leg of decline as near-term outlook remains fragile.

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Sentiment Boosted Modestly by Strong European Confidence