Oil Rebounds From Near Six-Week Low as European Equities Advance
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Oil recovered from near its lowest in more than six weeks in New York as advancing equity markets eased concern that European government measures will be unable to stem the debt crisis.
Oil erased earlier losses of as much as 1.1 percent to trade near $94 a barrel as the Stoxx Europe 600 Index advanced. European Union finance ministers will hold a conference call today addressing a deadline for drawing additional aid and creating new budget rules. Bank of America Corp. said an Iranian production halt could boost prices as much as $40 a barrel.