The front month November ICE Brent crude oil futures prices bounced back to print its highest level since mid-September as most markets, including the euro but ex- cluding the US dollar, once again chose hope over experience. The doom and gloom of the inter- national financial crisis changed to optimism when German Chancellor Angela Merkel and French President Nicolas Sarkozy announced they had agreed on the need for another crisis plan, including the recapitalization of European banks. The markets ignored the fact that while the wording of the political announcements had been updated, the substance looked only too familiar and the historical under- performance of previous initiatives boded ill for this latest instalment.
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