CRUDE OIL: - CONSOLIDATE STRATEGY BUY ON DIPS R2-6220 R1-6160 S1-6020 S2-5950
Crude moved up sharply amid expectations of increased demand on the back of some upbeat Chinese GDP data & declined in stockpiles.
China's economy expanded at a 7.5% in Q2 as a result of government stimulus measures, signaling expectations of increasing demand.
EIA showed U.S. crude oil inventories to have surprisingly dropped 7.5mbls in the week ended July 11 against a decline of 2.1mbls.
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