Dramatic price actions in NY session caught everyone in surprise. Selloff in crude oil price accelerated after poor durable goods orders and new home sales data. The front-month contract then tumbled to an 11-week low of 70.76 after oil and petroleum inventories surged to record highs. Price then rebounded, erasing losses made earlier and halting the 5-day decline, to 72.52, up +1.24% at close. The reversal was in synchronization with Wall Street which jumped after positive corporate news.
Excerpt from:
Crude Oil Unexpectedly Gained for the First Time in 6 Days
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