Oil Steadies After Early Surge as Traders Mull Moody's Downgrade
Oil steadied after an early drop, as Moody's Ratings stripped the US government of its top credit rating, adding to concerns about the outlook for global growth.
Brent fell as much as 1.1% to below $65 a barrel before recovering, while West Texas Intermediate traded near $62. The Moody's downgrade, which trailed rivals, risks reinforcing Wall Street's growing worries over the US sovereign bond market and a slowing economy.
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