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Crude oil increased after European Central Bank President Jean-Claude Trichet announced a bond- purchase program to stimulate economic growth.
Futures rose as much as 1.8 percent as Trichet said at a press conference in Berlin that the ECB will resume covered-bond purchases and reintroduce one-year loans for banks as the sovereign debt crisis threatens the region. Oil dropped earlier as Trichet said that euro-area economy faces
Crude oil for November delivery rose 51 cents, or 0.6 percent, to $80.19 a barrel at 10:49 a.m. on the New York Mercantile Exchange. Futures climbed to $81.15 and dropped to $79.08. Prices are down 12 percent this year.
Brent oil for November settlement increased 32 cents, or 0.3 percent, to $103.05 a barrel on the London-based ICE Futures Europe exchange.
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