Commodities Stabilize as Bargain-hunting Emerges After Severe Selloff

09 December 2009 @ 07:57 am EDT

WTI crude oil price recovers to 73.8 in European morning as buyers find the 5-day selloff has brought the black gold to oversold territory. Moreover, better-than-expected API inventory estimates suggest we may see pleasant surprise from today's EIA report. Others in the energy complex also rebound. Heating oil rises to 2.01(Tuesday's close: 1.99) and RBOB gasoline soars to 1.95 (Tuesday's close: 1.92).

Oil and Gold Reports contributed by Oil N' Gold

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