Crude oil prices bounced back from their tumble during the previous week. On Thursday Bernanke testified in the Senate; he voiced his concerns around the European debt crisis as it may affect the US economy but he didn’t said any new plans of another stimulus plan; he just kept the door open on QE3. This news may have helped drag down commodities prices including oil.
On Thursday Bank of China cut the interest rates by 0.25 percent points for the first time since 2008. This signaled the economic conditions in China start to worry BOC. This news may have also pulled down commodities prices.
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