Signs of US Recovery Boosted Sentiment. Oil Erases Losses
BonTradeFinancial markets strengthened as ISM services index and ADP employment data beat expectations, signaling better US recovery. Wall Street rallied with major indices hitting pre-crisis highs. Oil prices erased early losses and rebounded sharply. The front-month WTI contract initially plunged to a 2-week low of 88.1 before closing at 90.3, up +1.03%. US inventory data were mixed. While crude stockpile continued to decline, fuel inventories climbed as demand contracted.
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Signs of US Recovery Boosted Sentiment. Oil Erases Losses
