Oil recovers, rising past US$77 as EU and IMF pledge US$1 trillion

11-May-10
Benchmark crude on the Nymex for June delivery that fell by two dollars over the weekend, rose by US$2.40 to US$77.5, while in London, Brent crude rose by over two dollars to US$80.43 on the ICE futures exchange. Oil prices recovered, rising past US$77 in Asia after EU and the IMF pledged nearly US$1 trillion to help defend the burdened euro. The European Union Commission and International Monetary Fund pledged a €750 bln loan package that has calmed financial markets for now.
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