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RPT-UPDATE 5-Brent rises above $110 as equities gain

Published 10/11/2011, 01:19 PM
Updated 10/11/2011, 01:20 PM
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* Markets await Slovak vote on euro zone debt plan

* ECB's Trichet warns of systemic risk from debt crisis

* U.S. weekly crude stocks likely up on higher imports (Recasts, updates prices and market activity, changes dateline, previously LONDON, and changes by-line)

By Gene Ramos

NEW YORK, Oct 11 (Reuters) - Brent crude oil futures surged to nearly $111 a barrel on Tuesday, rising for the fifth straight session as investor optimism ahead of earnings season lifted markets.

Brent crude's 11 percent, five-day gain was the biggest since August 2009 and marks a sharp rebound from the eight-month low close below $100 just a week ago.

Crude futures fell sharply earlier on worries over the health of Europe's economy as its top financial watchdog said the euro zone's sovereign debt crisis threatened global economic stability.

By 12:45 p.m. EDT (1645 GMT), Brent crude for November delivery had risen $1.35 to $110.30. It peaked at $110.81, the highest since Sept. 21, from from the early low of $107.45.

U.S. November crude was up 33 cents at $85.74, having climbed from an early low of $83.97. Both Brent and U.S. crude have broken above their 50-day averages.

"It looks like the stock market turned higher and crude is following it," said Mark Waggoner, president at Excel Futures in Bend, Oregon.

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For a graphic on Brent's five-day gains: http://graphics.thomsonreuters.com/gfx/MR_20111110120149.jpg

For a 24-hour technical outlook on Brent:

http://graphics.thomsonreuters.com/WT1/20111110082525.jpg

For a 24-hour technical outlook on WTI:

http://graphics.thomsonreuters.com/WT1/20111110075735.jpg

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Robert Gibbons in New York; Christopher Johnson in London; Florence Tan in Singapore; Editing by Alden Bentley)

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