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Oil jumps above 100 dollars on EU bailout

Oil&Gas Materials 23 July 2011 04:02
U.S. crude oil price jumped above 100 dollars a barrel on Friday as the European Union approved a new bailout plan for Greece, Xinhua reported.
Oil jumps above 100 dollars on EU bailout

U.S. crude oil price jumped above 100 dollars a barrel on Friday as the European Union approved a new bailout plan for Greece, Xinhua reported.

Late Thursday, European leaders agreed to rescue indebted Greece with a 109-billion-euro (157-billion-U.S.-dollar) plan. Although some analysts thought the bailout might not solve Europe' s debt problems in the long-term and there remained worries about contagion risks, the markets were still cheered up.

On the earnings front, GE, Microsoft and McDonald's, the bluechip Dow components, posted better-than-expected earnings. U.S. stocks rose, also offering support for oil prices.

But the crude markets were also pressured as investors remained concerned about a possible U.S. debt default as the debt ceiling talks made only slight progress.

Light, sweet crude for September delivery rose 1.06 dollars, or 1.07 percent to settle at 100.19 dollars a barrel on the New York Mercantile Exchange. It was the first time for U.S crude benchmark to go back to 100 dollars a barrel since June 10. For the week, it rose 2.95 dollars, or 3.03 percent.

In London, Brent crude for September delivery gained 1.16 dollars, or 0.99 percent to close at 118.67 dollars a barrel. For this week, it added 1.41 dollars, or 1.20 percent.

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