Oil Climbs After Ireland Agrees With EU on Bank Rescue Package
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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.