Hopes that the European Central Bank will act to contain the region's debt crisis boosted crude futures and sent the euro to a seven-week peak versus the dollar. As per PTI, New York's main contract, light sweet crude for October delivery, inched up to US$96.8 and Brent North Sea crude for delivery in October inched up to US$114.7.
Hopes of an intervention by ECB have been elevated after the interest rate on Spanish 10 year bonds fell to 6.211% from 6.443%, with the rate dipping as low as 6.2070% in intraday trading.
Comments from senior members of German Chancellor Angela Merkel's party suggesting that Germany was more willing to give some leeway in the bailout of debt-wracked Greece also lent support to markets.
However, many strategists opine that despite measures, at best, a mild recession and stagnant growth awaits the eurozone.
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