Crude oil initially declined further but then recovered as an emergency meeting among G7 leaders raised hopes on a resolution for the Eurozone crisis. Earlier in the day, sentiment was dampened amid speculations of a Greek exit from the bloc and Germany’s Chancellor Merkel rejected a centralized system of bank recapitalization & Eurobonds. The front-month contract for WTI crude initially plunged to as low as 81.21 before rebounding to 83.98 at close. The contract rose for the first time in 5 days.
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