Risk Appetite Increased as Greece Removed from Negative Credit Watch and FOMC Left Rate Unchanged

Crude oil pared most of the losses made over the past 2 days as driven by strength in stock markets and decline in USD. The front-month contract surged to as high as 82.04 before closing at 81.7, up +2.4%. Investors viewed the Fed's commitment to keep its policy rate low for an extended period as positive as expansionary monetary policy should boost recovery.

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Risk Appetite Increased as Greece Removed from Negative Credit Watch and FOMC Left Rate Unchanged