Crude oil’s rally accelerated after breaking above the resistance level at 80. The front-month WTI contract rallied +3.02% to a 3-month high of 81.34. Better-than-expected PMIs in the US and Europe, weakness in USD and news of a tropical depression forming in the Atlantic were forces driving price higher. Risk appetite improved as earning results from banks were generally strong.
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Crude Jumped to a 3-month High as Eco Data Beat Expectations, Equities Surged
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