Oil Fluctuated amid Rumours of Strategic Reserve and Impressive US Data
LorieFuller31Oil prices dropped earlier in the day amid rumors that the US and the UK have reached an agreement on releasing strategic reserve. Both nations later denied that a deal has been reached. Oil then rebounded. Impressive US economic data also helped reverse the losses made initially. The front-month contract for WTI crude oil plunged to a 1-month low of 103.78 before rebounding to 105.11, down -0.30%. The situation in Europe remained uncertain. The IMF finally approved the 28B euro rescue package to Greece. Yet, the lender continued to warn that the risks to the Greek recovery program 'remain exceptionally high'.
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Oil Fluctuated amid Rumours of Strategic Reserve and Impressive US Data
