Oil prices spike past US$85 for first time since September

Oil prices have spiked past US$85 on retreating fears of another recession. For the first time since September, Benchmark crude settled at US$85.41 in New York, while Brent crude settled at US$108.95 in London. France and Germany agreed to put more capital into European banks, helping ease concerns that major banks in Europe and elsewhere would be brought down by the region's debt crisis. This has increased confidence about averting another recession, resulting in continuation in world oil demand growth.
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