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Crude Rallies as Italy & Greece May Change Leadership

November 8, 2011 at 3:28 by Vladimir Vyun

Crude oil jumped as the prospects for new leadership in Greece and Italy spurred hopes that the European debt crisis can be contained. Traders still have mixed feelings about these new developments in the Eurozone situation and crude retreated somewhat at the start of today’s trading.

Greek Prime Minister George Papandreou agreed to step down. The ruling and opposition parties formed a unity government that may deal with the political obstacles on the way to getting new portion of the bailout.

There is a mounting pressure for Italian Prime Minister Silvio Berlusconi to resign as well. Prime Minister’s former spokesman Giuliano Ferrara claimed that Berlusconi will leave the office soon. Berlusconi declined such rumors.

Juergen Stark, member European Central Bank’s Board, said that the sovereign-debt crisis in Europe will be contained in two years.

Crude oil rallied from $112.41 to $114.88 per barrel yesterday and traded today near $114.42 per barrel as of 3:21 GMT on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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