Ahead of the ECB meeting, BOC and BOE surprised the market by signaling a more easing monetary outlook. The BOC unexpectedly cut the policy rate by -25 bps points to 0.75% while the BOE minutes for the January meeting showed that policymakers unanimously decided to leave the Bank rate at 0.5%. Crude oil prices recovered modestly although crude and gasoline inventories increased further.
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Crude Oil Prices Recovered on BOC’s Surprising Rate Cut
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