- CNTV English - CCTV News

Homepage > News > Biz >

Oil edges up amid geopolitical, EU debt concerns

12-20-2011 09:45 BJT

NEW YORK, Dec. 19 (Xinhua) -- Crude prices edged up on Monday amid concerns over geopolitical uncertainty and the lingering European Union debt crisis.

Investors feared rising tension following the death of the Democratic People's Republic of Korea (DPRK)'s top leader Kim Jong Il, which, coupled with concerns over Iran's nuclear program, helped support crude prices. But meanwhile, the U.S. dollar also moved higher, weighing on dollar-denominated crude prices.

EU finance ministers agreed late Monday on a 150-billion-euro ( about 195 billion U.S. dollars) contribution to the International Monetary Fund (IMF) to help out debt-burdened eurozone countries. However, Britain made it clear it would not participate in the plan, making it unlikely to raise up to 200 billion euros.

On the economic front, the National Association of Home Builders/Wells Fargo builder sentiment index rose two points in December to 21 for its best reading since last May, pointing to an uptick in home construction and increased use of diesel-burning equipment.

But crude prices traded with volatility in thin volumes. Analysts said it was natural for thin volumes ahead of the year- end holiday. And in view of the lingering European debt crisis, investors worried a slowing-down world economy would hurt oil demand. Continuing debt woes weighed on crude and limited the gains.

Light, sweet crude for January delivery edged up 35 cents, or 0. 37 percent to settle at 93.88 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for February delivery also rose moderately by 29 cents, or 0.28 percent to close at 103. 64 dollars a barrel.

Editor:Zhang Hao |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