Crude Oil Rebounds From Four-Week Low as Ireland Nears Bailout
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Oil rebounded from a four-week low as the growing prospect that Ireland will get a rescue bailout from the European Union stoked gains for stocks and commodities around the world.
Crude rose as much as 2.1 percent, snapping four days of declines, after Ireland’s central bank governor said he expects the country to seek a bailout from the European Union and the International Monetary Fund. Yesterday’s Energy Department report showed crude inventories unexpectedly dropped the most since August 2009.