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Crude oil climbed to the highest level in two weeks as the leaders of Germany and France pledged to stem the European sovereign-debt crisis. Futures rose as much as 2.3 percent after German Chancellor Angela Merkel and French President Nicholas Sarkozy said yesterday they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by Nov. 3. The euro advanced after Merkel said yesterday in Berlin that European leaders will do “everything necessary” to ensure that banks have adequate capital. The euro gained 1.8 percent to $1.3623. A stronger European currency increases the appeal of raw materials as an alternative investment.
Crude oil for November delivery rose $86.09 a barrel on the New York Mercantile Exchange, the highest level since Sept. 22. Prices climbed 4.8 percent last week, the biggest gain since March. Oil is down 7.2 percent this year.
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