Oil closed the pit session off its lows, recouping about 0.70 cents or 1% in the last hour. We now stand at $69.95. Stocks have trimmed losses as well. now down 1% versus a 1.4% loss earlier in the afternoon. The dollar index is easing a touch as the reflation trade fares a bit better late in the day. The biggest component of the index, EUR/USD is at 1.4037 while USD/JPY eases to 96.32 after stalling just shy of 96.50. Cable is at 1.6460 as support at 1.6425 firms up after a test late in London.