• Fin24's biz quiz

    Test your business news in 30 seconds with this Fin24 quiz.

  • Inside Labour

    Brexit should send warning signals to worker organisations everywhere, says Terry Bell.

  • Racial redress

    The next adult generation is at risk of being polarised on the basis of skin colour, says Solly Moeng.

All data is delayed
Loading...
See More

Oil up on renewed Europe optimism

Aug 22 2012 08:10
AFP

Singapore - Crude oil prices rose in Asia on Wednesday on growing hopes of imminent European Central Bank intervention to ameliorate the eurozone debt crisis, analysts said.

New York's main contract, light sweet crude for October delivery, gained 15 cents to $96.99 a barrel in the afternoon and Brent North Sea crude for delivery in October added six cents to $114.70.

"Oil prices rose... as hopes that the European Central Bank will act to contain the region's debt crisis boosted crude futures and sent the euro to a seven-week peak versus the dollar," Phillip Futures said in a report.

Hopes of ECB intervention grew after the interest rate, or yield, on Spanish 10-year bonds fell to 6.211% from 6.443% on Tuesday, with the rate dipping as low as 6.2070% in intraday trading.

Comments from senior members of German Chancellor Angela Merkel's party suggesting that Germany was more willing to give some leeway in the bailout of debt-wracked Greece also lent support to markets.

But IG Markets Singapore market strategist Justin Harper warned that the eurozone's troubles were far from over.

"Coming out of the danger zone for the time being doesn't automatically lead to the green grass of growth and prosperity. At best, a mild recession and stagnant growth awaits the eurozone," he said in a report.


* Follow Fin24 on FacebookTwitter and Google+.

commodities  |  markets  |  oil

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...