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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

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