Oil jumps above 100 dollars on EU bailout

14:23, July 23, 2011      

Email | Print | Subscribe | Comments | Forum 

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

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.

Source:Xinhua
 
 
  Weekly review  
 
 
 
     
 
 


(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • 5,000-meter test dive of China's submersible postponed
  • Mirror-like Qinghai Lake attracts thousands of tourists
  • Stilt dance honors its patron saint day in Anguiano, Spain
  • Good place to spend summer in France
  • 2011 Istanbul International Chorus Competition
  • Bolt wins men's 100 metres event in Monaco
Hot Forum Discussion