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Oil rebounds above $69 as global equities gains

Oil prices broke above 69 U.S. dollars a barrel on Tuesday as global stocks rose on some recovery signals.

Light, sweet crude for September delivery jumped 2.44 dollars, or 3.7 percent, to settle at 69.19 dollars a barrel on the New York Mercantile Exchange.

Global stock markets broadly rebounded from Monday's big sell-off after data showed that German investor confidence increased in August, another signal showing the global economic recession was easing.

Meanwhile, the dollar dropped against a basket of major currencies, driving oil prices up and pumping more money to the commodities markets to seek inflation hedge.

Oil prices have been fluctuating around 70 dollars a barrel this month as investors are still uncertain about the pace of economic recovery. Increasing inventories in the United States, the biggest energy consumer in the world, also weighed on the market and seemed to maintain the trend.

In London, Brent Crude for October delivery rose 1.83 dollars to 72.37 dollars a barrel on the ICE Futures exchange.  

 
 
 Source : Xinhua  Editor: Ivy
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