Oil Recovers but Near-term Outlook Likely Remains Volatile

Oil prices recovered ahead of the US session. Indeed, market sentiment has been driven up and down by anticipation about the EU summit on October 23. Earlier in the day, investors were still unnerved by news that France and Germany were split over the EFTF plan. However, sentiment was lifted as EC President Jose Barroso hinted a possible ‘positive outcome' from the meeting.

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Oil Recovers but Near-term Outlook Likely Remains Volatile