"That does appear to have knocked some of the stuffing out of the recent market rally, " said Michael Hewson, market analyst at CMC Markets.

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But Michael Hewson, an analyst at CMC Markets, doubted whether Mr Berlusconi's speech, made after European stock markets had closed, would calm investors' nerves.

BBC: Silvio Berlusconi says Italy banks 'solid and solvent'

"Crude oil prices have struggled to react with conviction one way or the other, " said Michael Hewson, senior market analyst at CMC Markets in an email commentary.

NPR: Oil Falls As Uncertainty Hits Energy Markets