Arabianbusiness.com, 29 Jun 2012Oil rallied with other commodities and the euro on Friday, rising over $2 after European leaders agreed on a strategy to tackle soaring borrowing costs in Italy and Spain, but was still set for the deepest quarterly loss since 2008.
Euro zone leaders agreed on emergency action that w
ill allow rescue funds to be used to stabilise bond markets and other measures that mark the first step towards a European banking union. Full story