Crude Oil future bounced strongly from its key support level at 75,50 today showing clear de-correlation with dollar. We consider this to be a strong signal despite we thought crude was more likely to trade lower as the current dollar strength and the investment community expects an increase in oil inventories.

Reasons that support current level is a new appetite for commodities: portfolio allocation is now favoring these assets versus equity. In the current emotional moment of market draw down investors are going back to gold and this pushes up oil as well. A lot of volatility is expected to come.

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