Crude Oil Soars 3%

WTI light sweet crude oil for November delivery is up 3.3% to $85.70 per barrel. This is up from its low of about $76 per barrel last week, but off its 52-week high of $114.91.

French president Nicolas Sarkozy and German chancellor Angela Merkel said they would do everything necessary to recapitalize troubled European banks, and pledged that the European debt crisis would end in a month. The announcement caused the dollar to weaken against the euro, which may also be helping oil prices.

crude oil futures

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