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10/05/2010 00:00 AST
Crude oil prices inched up Monday, as global investors welcomed the news that European Union leaders agreed on a $900 billion bailout plan for Greece.
Crude for June delivery rose $1.69 or 2.25%, settling at $76.80 a barrel Monday.
Meanwhile, gasoline prices fell for the fourth day in a row, slipping to $2.908 a gallon from $2.914 the day before.
The price of crude rose along with global markets Monday after the EU and the International Monetary Fund approved a $900 billion rescue plan for debt-strapped European countries. In a separate show of support, the U.S. Federal Reserve joined central banks in Canada and Europe to re-establish a program supporting credit markets.
The European Central Bank also announced overnight it will buy government and private bonds to rescue the euro.
The news boosted optimism in Europe, giving investors two incentives to buy oil. A recovering European economy could boost demand for fuel, and second, more euros circulating could make a tangible commodity a more attractive investment than paper currencies.
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CNNMoney
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 74.43 | -2.05 | -2.68 |
| WTI | 70.4 | -2.08 | -2.87 |
| OPEC Basket | 78.15 | -0.04 | -0.05 |
21/02/2025
Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia while uncertainty looms over a potential peace deal in Ukraine.
Brent futures slipped by 73 c
Reuters
05/04/2018
Opec crude production dropped to the lowest in a year amid the woes in Venezuela's oil industry. Output from the 14 members of Organisation of Petroleum Exporting Countries fell by 170,000 barrels to
Gulf News
03/04/2018
Oil's rally above $65 a barrel is being propelled by a sign that American explorers have curtailed drilling activity as well as ongoing speculation that the US could reimpose sanctions on Opec produc
Gulf News
29/03/2018
The Organization of the Petroleum Exporting Countries (Opec) is seeking "very long-term" cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday.
The Gulf Today
28/03/2018
Saudi Arabia and Russia are working on a long-term oil pact that could extend controls over world crude supplies by major exporters for up to 20 years, the Kingdom's crown prince has said.
Arab News
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