Business?| ?Energy
Source: Agencies??|??
2012-6-30??|??
OIL soared the most in more than three years after European leaders took surprisingly aggressive steps to halt a debt crisis that has undermined confidence in the global economy.
Benchmark US crude jumped by US$7.27, or 9.4 percent, yesterday to end the week at US$84.96 per barrel in New York. Brent crude, which helps set the price of imported oil, rose by US$6.44, or 7 percent, to US$95.51 per barrel in London.
Yesterday's percentage rise in benchmark US crude was the biggest since March 12, 2009. The dollar gain was the largest since Sept. 22, 2008.
Oil rose after eurozone leaders unveiled a plan to rescue ailing banks, relieve debt-burdened governments in Italy, Spain and elsewhere and restore the confidence of markets. The progress in dealing with Europe's lengthy debt crisis is good news for that continent's - and the world's - economy. Economic growth drives energy consumption.
The deal was struck as borrowing rates in Spain and Italy surged to levels that were considered unsustainable. Leery investors were surprised and energized by the breakthrough - they rushed to buy riskier assets like oil and stocks and sold ultra-safe US Treasuries. Stock in the US rose more than 2 percent, while European stock markets posted even loftier gains.
"All of a sudden we're not worried about the Spanish and Italian banks going bankrupt over the weekend," said Phil Flynn, an oil analyst with Price Group.
Oil added to its gains in the afternoon on reports that Norway's Statoil shut down production of another platform in the North Sea due to a tanker leak. Statoil previously said that daily production will fall 10 percent after oil workers went on strike at four North Sea fields.
North Sea oil supplies much of Europe. The loss of production will squeeze stockpiles just as Europe prepares to stop buying Iranian oil tomorrow. Europe announced an embargo earlier this year in an effort to pressure Iran to open its nuclear facilities to inspection. Western nations fear that Iran is building a nuclear weapon; Iran denies the claim.
International sanctions already have cut Iranian exports by about 700,000 barrels per day. Experts said it's unclear how much more of Iran's oil will be taken off the market once the embargo goes into effect. But a further reduction in global supply could cause oil prices to rise.
Yesterday's rise in oil prices boosted shares for major petroleum companies, trimming some of their losses for the quarter. Yesterday, shares of BP jumped 4.7 percent, Apache Corp. rose by 2.3 percent, Exxon Mobil Corp. jumped 2.2 percent and Chevron Corp. rose by 1.4 percent.
In other futures trading, heating oil added 14.41 US cents, about 6 percent, to finish at US$2.696 per gallon and wholesale gasoline added 11.3 US cents, or nearly 5 percent, to end at US$2.7272 per gallon. Natural gas rose by 10.2 US cents, nearly 4 percent, to finish the week at US$2.824 per 1,000 cubic feet.
Source: http://www.shanghaidaily.com/nsp/Business/2012/06/30/Oil+soars+9+as+Europe+moves+to+tackle+crisis
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Facing weekend deadlines for action, congressional leaders have agreed to deals overhauling the nation's transportation programs without a Republican provision forcing approval of the proposed Keystone XL oil pipeline, and avoiding a doubling of interest rates for new student loans, congressional officials said Wednesday.
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