Front-month July ICE Brent futures began the month at $98.43 per barrel — their lowest end-of-day settlement since January 2011 and almost $28/bbl — or 22% — off the March high. But last week saw the international benchmark push back to an intraday high of $102.45/bbl on Jun. 7, prompting the question of whether the market has bottomed out — or if the recovery will prove to be a “fool’s rally” ahead of another sell-off. Factors lubricating the slide include a lethal mix of financial angst centered on the deepening eurozone crisis, an apparently slowing US recovery and soggy fundamentals.
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