Crude oil is shooting higher today as API supplies fell by 2.2 million barrels during the previous week. Market sentiment has become more bearish during the past several days, which may prevent a large price increase but we feel at this point that the data will at least spur any further decline.
Today it is widely expected the central bank will keep the federal funds rate unchanged at between 0.00% and 0.25% and confirm that rates will stay extraordinarily low for an extended period. This again my help send equities higher along with crude.
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