Oil hovers above $91

October 24th, 2011 by James

Oil prices hovered above $1 a barrel on Tuesday in Asia as investors await plan details of Europe to contain its debt crisis.

Oil hovers above $91

Benchmark crude for December delivery was up 17 cents at $91.44 a barrel at midmorning Singapore time in electronic trading on the New York Mercantile Exchange.

From in.news.yahoo.com:

Oil has jumped 21 percent in three weeks amid growing investor optimism that European leaders will devise a plan to limit the damage from a possible default of Greek sovereign debt. Details of the plan are expected to be announced Wednesday.

“Although the euro zone debt issue remains quite murky, the market appears to be pricing in a viable resolution to this crisis,” energy consultant Ritterbusch and Associates said in a report. “Wednesday’s EU summit could still bring some bearish news if a comprehensive debt plan is not forthcoming.”

In other Nymex trading, heating oil fell 1.1 cents to $3.04 per gallon and gasoline futures slid 1.0 cent at $2.66 per gallon.

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