Because of a supply drop according to US Inventories.
Crude Oil H1 Chart:
Brent Crude H1 Chart:
Despite the gains some analyst remained bearish because of the overall economic outlook and the Greece Crisis. Nevertheless the market preemptively seen it as bullish that European finance ministers were examining ways to beef up the banks balance sheets.
Crude Oil was fast to rise on the news making gains of 5% while Brent was up by 3%.
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- ▼ October (31)