The major news flow of the past several days have generated outsized moves in the oil market. Having been left for dead, yesterday, WTI has rallied more than three dollars off its intra-day low of 77.28 to 88.50. The catalyst continues to be the euro zone crisis. The view that the summit would end in failure was eviscerated, when Germany’s Merkel blinked and agreed to allow direct bank capitalizations from EU rescue fund without senior lender status. Other measures were agreed to as well that generated an impressive reversal. Meanwhile, concerns over the global economy persist.
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