Brent rises above $111 as euro rises

Brent crude oil futures gained as the euro rose against the dollar, surpassing $111 a barrel on Tuesday, for the fifth straight session of gains as investor optimism ahead of corporate earnings season lifted markets.

The euro's resumption of its advance against the dollar, encouraged more risk taking in crude. A rally in U.S. gasoline futures due to refinery problems in the U.S. East Coast was also supportive, traders said.

Brent crude's 11 percent, five-day gain was the biggest since August 2009 and marks a sharp rebound from the eight-month low close below $100 just a week ago.

Crude futures fell sharply earlier on worries over the health of Europe's economy as its top financial watchdog said the euro zone's sovereign debt crisis threatened global economic stability.

Read Full Article from Reuters

- Posted: 2011-10-11 15:06:06

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