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WTI's bounce short-lived as it hovers near 12-year lows

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    West Texas Intermediate oil dropped to a fresh 12-year low at just below $27.50 this afternoon, thereby revisiting the low it had hit in January. Here, it bounced as traders took profit head of the official oil inventories data from the US Energy Information Administration (EIA). According to the EIA, oil stocks actually fell by 750 thousand barrels in the week ending February 5. This was clearly a surprise to the market as the American Petroleum Institute (API) had reported a build of 2.4

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