Oil Rises on Forecast Upgrades
BonTradeOil prices recovered after retreating on disappointing US data. The front-month contract for WTI crude oil initially fell to 99.61 but managed to regain 100, closing at 100.23 and down -1.08%. The equivalent Brent contract was resilient enough to close flat at 115.05. The market was thrilled as large investment banks raised their oil price forecasts. Weakness in the US dollar also helped support commodity prices. However, risks remain high. The key issue currently is sovereign debt problems in Greece.
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Oil Rises on Forecast Upgrades
