However, oil prices reversed course after the Fed Beige Book revealed that companies are doubting the strength of the U.S. recovery and the divide between France and Germany on the bailout plan, reports Mark Shenk for Bloomberg.
“Markets are being hurt by questions about European plans to combat the debt crisis and the release of the Beige Book,” Phil Flynn, vice president of research at PFGBest, said. “The market is incredibly fickle right now. It takes very little to get it to reverse direction.”
U.S. Oil Fund
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Max Chen contributed to this article.