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As we suggested last week his position was almost untenable and so it has proved," said Tony Nyman of Informa Global Markets.
This is a shallow bounce because of Wall Street ending higher, so there is some confidence returning, but I don't think anybody would be putting any big positions given the global situation," said Victor Say, an analyst at Informa Global Markets in Singapore.
People are still selling dollars after the G20 meeting and that is putting upside pressure on commodities," said Michelle Kwek, an analyst at Informa Global Markets in Singapore.
There's a lot of skepticism in the market about the EU summit, because there's no definitive plan -- only political and moral support -- so that's boosting the dollar and pressuring oil," said Michelle Kwek, an analyst at Informa Global Markets in Singapore.