Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil hovers below $101 ahead of EU debt summit
Published in Youm7 on 08 - 12 - 2011

SINGAPORE — Oil prices hovered below $101 a barrel Thursday in Asia ahead of an interest rate decision in Europe and a crucial summit on the continent's debt crisis.
Benchmark crude for January delivery was up 12 cents to $100.61 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract dropped 79 cents to settle at $100.49 on Wednesday.
In London, Brent crude was down 12 cents at $109.41 on the ICE futures exchange.
European leaders will meet later Thursday to discuss possible spending targets and ways to enforce them in a bid to lower the debt levels of countries such as Greece and Italy and restore investor confidence. Some analysts expect the European Central Bank to lower interest rates to help spur lending and economic growth.
"The direction of oil appears to hang in the wind as the world awaits (an announcement) from the ECB," energy consultant and trader The Schork Group said in a report. It held out little hope the two day summit would produce a lasting solution to the debt crisis.
Crude has bounced around $100 for the last three weeks as traders mull whether weak but improving U.S. economic growth justifies further gains. Oil has jumped from $75 in October.
Investors will also closely watch next week's meeting of the Organization of Petroleum Exporting Countries for signs the cartel could boost production to help lower prices. OPEC leaders have said this week at a conference in Qatar that the oil market is adequately supplied.
In other Nymex trading, natural gas added 0.2 cent at $3.42 per 1,000 cubic feet. Heating oil gained 1.1 cents to $2.99 a gallon and gasoline futures slid 0.6 cent to $2.59 a gallon.


Clic here to read the story from its source.