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Crude gains on Fed comments

Posted on: April 28, 2016

Wow. Talk about a volatile day. The chaos started after the settle on Tuesday when APIs came out better than expected, sparking a rally that continued until...that's right, you guessed it! The EIA numbers! Wednesday morning brought the weekly EIA report which showed a large build at Cushing which sent the curve into a tailspin. Things were looking grim until Janet Yellen and the Fed saved the day again by removing the line in the comments about "global risks".

WTI settled $1.29 higher at $45.33 while Brent gained $1.44 to settle at $47.18.

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