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Crude Oil Forecast Today 08/8: Attempts Its Recovery (Video)
(MENAFN- Daily Forex)
- The West Texas Intermediate Crude Oil Market, or US Oil, has rallied rather significantly during the trading session on Wednesday as we've seen more of a risk-on type of feel to the markets overall.
- The Bank of Japan is essentially ruling out further rate hikes until markets stabilize, and it has thrown more of a risk on attitude into the marketplace.
- Therefore, traders may be short covering or perhaps even playing the idea that loose interest rate policy will drive up demand over the longer term.
- It'll be interesting to see how this plays out, but it's also worth noting that we were near the $71.50 level when we bounced, and that's an area that's been important previously.

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