Crude oil advanced for a fourth day on signs Europe and US will contain their debt crises, easing speculation demand for raw materials will suffer, Bloomberg reports.
Eurozone leaders announced €159bn of further aid for Greece last night. Barack Obama's plans to raise the US debt ceiling to $14.3trn before the 2 August deadline may also have boosted prices. The price of Nymex Crude stood at $117.81 per barrel this morning, according to BBC data, climbing steadily from a $116 dip last week. Meanwhile, the International Energy Agency (IEA) announced last week it will issue no more emergency reserves, despite rising oil prices. Last month, the international energy watchdog made the controversial move of injecting 60 million barrels of oil into the ...
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