Crude oil prices rebounded smartly in early Asia on Friday as investors pulled back from recent bearish sentiment on supply. On the New York Mercantile Exchange, West Texas intermediate which expired at settlement Thursday, settled up 0.8% at $84.47 a barrel on ICE Futures Europe Thursday. December futures rose 2% to $85.82 a barrel The U.S. Energy Information Administration reported early that U.S. crude stockpiles rose by 8.92 million barrels last week, exceeding market forecasts for a gain of 2.78 million barrels.
TRADING STRATEGY :
BUY GOLD ABOVE 1242 TGT 1246,1251 SL 1237
SELL GOLD BELOW 1232 TGT 1228,1223 SL 1237
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