Crude oil surged today as stocks flared up on hopes of the Eurozone debt struggle alleviating in the near term with a generous pullback in the global equity markets renewing risk appetite for the commodity, which fell to a seven week low yesterday. The DOW gained sharply in overnight moves on reports that European officials are considering setting up a special purpose vehicle to buy bonds issued by distressed European states. International Monetary Fund and the euro-zone officials are working on a variety of options for using leverage to make the resources of the European Financial Stability Facility go much further, media reports stated, boosting the overall confidence of the investors and pushing up Asian and European equities alike. Euro gained further on positive comments from BOE's Posen, who remarked that Europe would resolve debt crisis. Meanwhile, the Germany consumer climate should remain stable through the autumn, according to the GfK Consumer Climate report for September. GfK stated today that consumer sentiment in Germany remained inconsistent in September. Following a value of 5.2 points in September, the overall indicator is also forecasting a value of 5.2 points for October. The single currency has neared 1.3600-mark against the US dollar rallying around 200 points in last 24 hours. WTI futures for November are quoting at $82.80 per barrel, gaining $2.56 per barrel on the day. The counter had tested its seven-week lows under $78 per barrel in the last session. With the Dow futures up around 200 points and the European stocks rising to the tune of around 4%, Crude could gain further in the evening moves. MCX Crude oil futures for October neared Rs 4100 per barrel mark in the day session. The counter slipped from a high of Rs 4083 per barrel and currently trades at Rs 4067, up Rs 63 or 1.57% on the day.

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