Oil Price Rallied on OPEC's Bullish Demand Outlook
BonTradeMarket sentiment remained optimistic although China has faced more pressures in cooling down its economy. WTI crude oil initially retreated after release of the oil inventory report but then reversed and ended the day at 82.93, up +1.5%. Apart from strong demand growth, OPEC's bullish outlook and robustness in stock market performance also boosted commodities (esp. crude oil due to the strong correlation). Volatility (VIX) dropped to the lowest level since May 2008.
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Oil Price Rallied on OPEC's Bullish Demand Outlook
