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Euro-zone deal bounces oil prices

11/07/2011
Oil and stock prices soared Oct. 27 in what one analyst described as "a monster market bounce" after Euro-zone members agreed to reduce Greece's sovereign debt, support European banks facing additional losses on Greek bonds, and increase the European Financial Stability Facility (EFSF) to €1 trillion. The front-month crude futures contract shot up 3% on the New York Mercantile Exchange when the deal was announced. But prices retreated slightly during the next two trading sessions due to lack of details in the agreement and a growing fear that something yet could go wrong. Those fears were realized Nov. 1 when the Greek government unexpectedly called for a referendum on its auste...
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