Crude Rebounded on Bargain Hunting. Sentiment Lifted as US Data Beat Expectations

Crude oil prices rebounded strongly after days of selloff, driven by strong US IP and jobless claims data. Fed's Bullard's comments regarding delaying the end of QE also lifted sentiment, upstaging the bigger-than-expected increase in crude inventory and sending crude prices higher. The front-month contract WTI crude oil had a brief breach of 80 (day low 79.78) before recovering to 82.7, up +1.12%, at close.

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Crude Rebounded on Bargain Hunting. Sentiment Lifted as US Data Beat Expectations