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| Analysis | Crude oil continued its rise for the second session on Tuesday trading, rebounding from the lowest level in seven weeks, as the rise in U.S. shares on optimism that European leaders will take necessary measures to ease the tensions in markets gave uplift to oil prices. Oil for November delivery is currently trading around $83.78 a barrel after recording a high of $83.85 and a low of $80.91. The strong opening in Wall Street gave an impetus to oil prices, where the improvement in the sentiment enhanced demand on risky assets. Yesterday, an ECB official said the bank may start buying covered bonds purchases in addition to other measures to boost liquidity. Today, eyes are on Greek vote to pass legislation for an unwelcome property tax which is needed to convince international inspectors that Greece is eligible for the next tranche, due on October 3, of last year's 110-billion-euro aid package. Meanwhile, there are expectations that euro area leaders will expand the European Financial Stability Facility (EFSF) to have stronger financial firewall to support member states. However, data from the U.S. showed that consumer confidence declined to 45.4 in September from 45.2 in August. In the FOREX market, the dollar was negatively affected by the hopes in markets which encouraged investors to leave refuges, helping dollar-denominated commodities to rebound. The dollar index, which tracks the dollar movements versus a basket of major currencies, edged down to a low of 77.41 compared with the day's opening level of 77.99.
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