Crude oil price rebounded in European session due to strength in stock markets and the euro. While speculations that the ECB will buy PIIGS bonds might have boosted sentiment, we believe the rebounds were short-lived and were technical-driven. The front-month contract for WTI crude oil rose to as high as 82.32 after plunging to 83.62 earlier in the day.
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Oil Rebounds in Tandem with Bourses as ECB may Expand Bond Program
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