Crude oil rices rebounded in early Asia on Thursday with investors buying off recent sharp dips even as the growth outlook and demand remains uncertain. On the New York Mercantile Exchange, crude oil for delivery in November traded at $87.77 a barrel, up 0.22%. Overnight, U.S. oil futures dropped to the lowest level since April 2013 after data showed that U.S. stockpiles rose far more than expected last week. Brent oil settled down 0.8% at $91.38 a barrel on ICE Futures Europe Wednesday, the lowest settlement price since June 28, 2012. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories increased by 5 million barrels in the week ending October 3, compared to expectations for a gain of 1.6 million barrels. The report also showed that gasoline stockpiles rose by 1.2 million barrels, confounding expectations for a drop of 1.0 million barrels.
TRADING STRATEGY :
BUY GOLD ABOVE 1225 TGT 1229,1235 SL 1220
SELL GOLD BELOW 1220 TGT 1216,1211 SL 1225
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