Oil markets were at their most volatile during and after the Baker/Aziz talks in Geneva. European markets traded throughout morning and afternoon sessions of the long awaited Jan. 9 meeting between the U.S. and Iraq. From $26.28/bbl at the start of the day Brent fell to $23.60, reflecting optimism filtering through from Geneva. But once it was clear that hostilities had not been averted, there was near panic with Brent recovering all the losses and ending the following day's trading at $26.95/bbl. Nymex crude swung more than $7 Jan. 9, reaching $31/bbl before settling at $27.26, up 90 on the day but down more than $1 on the week. ...

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