Prices startlingly broke from yesterday’s highs when it seemed like the events in Gaza were entering a “calm period” as a cease-fire was negotiated. Subsequently, denied prices rose over $1.00 off the day’s lows. Participants also took some comfort in Federal Reserve Chairman Bernanke’s commentary which implied, not only future stimulative monetary policy but exhortations to policymakers to find resolution to the looming fiscal cliff.
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