Oil Prices Rising Two-Week High on European Pledge to Contain Debt
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Oil Prices Rising Two-Week High on European Pledge to Contain Debt
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Crude oil climbed to the highest level in two weeks as the leaders of Germany and France pledged to stem the European sovereign-debt crisis.
Futures gained 2.9 percent after German Chancellor Angela Merkel and French President Nicholas Sarkozy said yesterday they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by Nov. 3. The euro surged against the dollar after the announcement. U.S. employers added more workers in September than forecast, a report showed Oct. 7.
“Optimism is coming back into the market,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “As concerns about the European debt crisis and the U.S. economy heading into recession ease, oil prices are going to climb. These headlines are a sign that demand will increase.”
Crude oil for November delivery rose $2.43 to $85.41 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 21. Futures, which have gained 13 percent in four days, are down 6.5 percent this year....READ MORE
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