Crude futures suffered big losses. Front-month Brent and WTI lost $10.11/bl and $10.81/bl, respectively. The contracts broke out of a range established over the previous month, buckling under pressure from sovereign debt fears in the eurozone and a host of discouraging economic data. An agreement to raise the US debt ceiling was not sufficient to shore up market confidence. The deal exposed how fragile a state the global economy is in, advancing the prospect of a double-dip recession. The fear was plain to see in the week's sharp losses across the oil complex.
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