After Sunday’s confirmation that Ireland would receive some form of bail-out to meet its debt obligation’s, the first recipients of the confidence boost was oil and other commodities. Oil broke the $82 a barrel mark rising to $82.31 by early afternoon trading in Europe.
“Oil prices should find support above $80, given the strength in underlying fundamentals,” Barclays Capital said in a report. “Recent data releases continue to show a phenomenal pace of recovery in global oil demand.”
Source: The Associated Press