oil prices for the first time recently that the European Union closer to a plan that promises to solve the eurozone debt crisis. Benchmark crude rose $ 1.07 Friday to finish the week at $ 99.41 a barrel in New York. Brent crude, which is used to price foreign oil imported by some U.S. refineries, added 53 cents to finish at $ 108.47 in London.
Huge debts in several European countries have rattled investors for months. Experts say that the euro will head back into a recession and a decline in energy demand and consumer spending is inevitable, given the series of government cutbacks under way in many euro area countries.
It is still unclear how bad the economy will get into Europe, and whether leaders can stop the spiral of debt that may threaten the banking system. Oil prices and stock markets have wavered most of the week as perceptions shifted over the proposed financial reforms within the eurozone.
Wednesday and Thursday after a fall, oil prices turned higher the European Union signed a new treaty that would further integrate their finances in an attempt to save the euro. Almost all of the 27 EU countries except the United Kingdom, support for a more intimate financial relationship that more central control would enable and require balanced U.S. stock indexes rose budgets.Major between 1 and 2 percent in the afternoon trade.
Natural gas prices fell by 4 percent as some parts of the country is still above average temperatures. Until colder weather sets in, homes and businesses will not need to heat, causing gas demand weakens crank.
“We are still around in shorts here,” said Stephen Schork, an independent oil analyst and trader in Villanova, Pennsylvania. “We did not winter yet.” Colder air pushes into the Midwest and northeast this weekend.
source:taiwannews
U.S. stocks-Wall St drops on Japan, more volatility ahead
U.S. stocks fell 1 percent on Monday as the effects of the earthquake and tsunami in Japan was caution on Wall Street, that's probably more volatility in the near future to see. . . Read more »
Weekly Mining Market Report in London
In London, it was a week on the slow side for minors, although the sector has managed to retain the spectacular gains of the previous week. . . Read more »