Oil futures got off to sluggish start, falling to an intraday low of $78.57 during morning trading led by a stronger US dollar during amid festering concerns of eurozone debt, particularly in Greece. After bottoming out during the morning, oil prices rebounded in the afternoon after European Central Bank President Jean-Claude Trichet told media he doesn't expect further downgrades of Greece's credit ratings, which reduced the value of the dollar. As a result, oil prices raced higher, further supported by the climbing Standard & Poor's 500 Index.
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