Stronger demand for higher risk assets helped drive up April crude oil on Thursday. The market is responding positively to good news from the European Central Bank and a better-than-expected weekly jobless claims report.
The market has been under pressure recently because of concerns that the budget stalemate in the U.S. could trigger a slowdown in the economy. Today’s positive weekly jobless claims number along with the rally in the Euro is encouraging shorts to pare positions. In addition, traders may be taking profits because ahead of tomorrow’s U.S. Non-Farm Payrolls report.. Continue Reading....
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