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News of possible peace deal in Ukraine pushes up oil price

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood points out that the rise in the price of oil on Wednesday was caused by the news of a possible ceasefire between Ukraine and Russia as well as the positive US data.

Key quotes

"Factory goods orders showed better than expected growth and auto sales were at a near nine year high after another record gain."

"They had better start driving those cars soon as after the market closed the API stats showed that gasoline stocks rose when the market was expecting a draw, that and the crude draw being less than expected was a down on the oil price and it is a good 50 cents down this morning."

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