- CNTV English - CCTV News

Homepage > News > Biz >

Oil surges on European hopes, declining OPEC output

10-11-2011 10:31 BJT

NEW YORK, Oct. 10 (Xinhua) -- U.S. crude oil price surged for the fourth straight day on Monday as Germany and France pledged to unveil rescue plan for debt-stressed Greece and report showed OPEC oil output declined in September.

The market sentiment was lifted by the news that Germany and France, the two biggest countries in the euro zone, promised to draw a new plan to prevent contagion of the sovereign debt problems and recapitalize the region's banks. The euro rose nearly 2 percent against the dollar, resulting in a weakening dollar, which also boosted the crude.

According to a report released on Monday, oil production from members of the OPEC fell by 130,000 barrels per day to 30 million barrels per day in September.

Besides, shipping sources said that all oil tanker traffic from Kuwait,one of the most important oil exporters, stopped because a customs union there went on strike.

Light, sweet crude for November delivery rose 2.43 dollars, or 2.93 percent to settle at 85.41 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for November delivery also gained sharply and last traded around 109 dollars a barrel.

Editor:Sun Luying |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program