Commodities Recouped Losses as US Stocks Soared, Shrugging off Disappointing Jobless Claims

Crude oil plummeted in European session yesterday as driven by selloff in stock markets. Concerns over sovereign crisis in Greece hurt market sentiment despite ECB President Trichet's soothing statement that there's no risk of default in Greece. Disappointing retail sales in the Eurozone and industrial production in Germany exerted further pressure. These news triggered correction in crude oil price to as low as 84.38.

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Commodities Recouped Losses as US Stocks Soared, Shrugging off Disappointing Jobless Claims