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Oil jumps on Europe hopes

09-28-2011 10:23 BJT

NEW YORK, Sept. 27 (Xinhua) -- Crude prices jumped on Tuesday as investors were hoping that the ongoing discussion in Europe could lead to a plan that prevents Greece from default and eases the bloc's debt crisis.

EU policy makers were working on measures to help debt-stressed Greece. The European Commission officials said the discussion under the way was mainly about expanding the bailout fund by borrowing from the European Central Bank.

Lifted by market's optimistic expectation of an improved scenario in Europe, the equities as well as the euro rose. The dollar index, in contrast, fell nearly 1 percent, offering momentum to crude prices.

But reports said there were still differences among EU members. Several officials played down the speculation, with Germany's finance minister and Spain's economy minister expressing unfavor to the bailout fund raising idea.

In U.S., the Conference Board's consumer confidence for September rose, but still missed the expectation. According to the S&P/Case-Shiller data, U.S. home prices in 20 metropolitan areas nationwide increased for the fourth consecutive month in July, showing a sign of the seasonal strength in the housing market.

Light, sweet crude for November delivery soared 4.21 dollars, or 5.25 percent to 84.45 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for November delivery surged 3.20 dollars, or 3.08 percent and close at 107.14 dollars a barrel.

 

Editor:Zhang Rui |Source: Xinhua

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