fmx | energy | connect - Oil Has Biggest Weekly Decline in Three Months on China Bank Reserves Move

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Oil Has Biggest Weekly Decline in Three Months on China Bank Reserves Move

November 22 2010, 09:00

FMX | Connect – www.fmxconnect.com - (Reported 11/22/2010)

Oil Has Biggest Weekly Decline in Three Months on China Bank Reserves Move

Source: Bloomberg

Oil rose, rebounding from its biggest weekly loss in three months, amid optimism that an agreement to rescue Ireland’s banks may reduce European sovereign-debt concerns.

Futures retraced some of last week’s 4 percent slump after Ireland yesterday applied for a bailout from the European Union and the International Monetary Fund to save its banks. The decision pushed the euro to a one-week high versus the dollar, boosting the appeal of commodities to investors. For full article, click here.

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