Crude Oil Rose to 7-week High as Macroeconomic Outlook Improved

Crude oil rallied to as high as 81.23 before ending the day at 80.87, up +1.4%. The rally, despite the poor inventory report, was driven by strong US ISM data and weakness in USD. As market sentiment has improved, crude oil price once again derailed from fundamentals and displayed high correlation with the stock markets.

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Crude Oil Rose to 7-week High as Macroeconomic Outlook Improved