Oil Firms on Hopes of Obama's Stimulus

Oil price remained supported in European session. Market sentiment improved dramatically as US President Barack Obama is scheduled to announce new measures to bolster the employment situation tomorrow. WTI crude oil climbed higher to 86.5/87.4 today. The front-month contract slumped to as low as 83.2 yesterday but then staged a sharp rebound and ended the day at 86.02. The equivalent Brent crude contract faltered after failing to re-test 114 today.

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Oil Firms on Hopes of Obama's Stimulus