Oil Recovers as Chinese Demand Growth Remains Robust

Oil price recovered in European session but remained within recent trading range amid the lack of news regarding sovereign crisis. Moreover, optimism in China's oil demand helped send prices higher. Gold pulled back after rising to a new record of 1610.7 earlier in the day. The metal will likely advance higher, extending the longest winning streak amid uncertainties in debt problems in the US and the Eurozone.

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Oil Recovers as Chinese Demand Growth Remains Robust