Reply #2: Oil jumps above $92 after Europe debt plan

[Pale Blue Dot]

SINGAPORE – Oil prices jumped above $92 a barrel Thursday in Asia after European leaders agreed on a plan to reduce Greece's debt burden.

Benchmark crude for December delivery was up $1.89 at $92.09 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.97, or 3.2 percent, to settle at $90.20 in New York on Wednesday.

Brent crude was up $1.27 at $110.18 a barrel on the ICE Futures Exchange in London.

EU President Herman Van Rompuy said early Thursday that policymakers struck a deal that will reduce Greece's debt to 120 percent of its GDP in 2020. The plan calls on banks to accept 50 percent losses on their Greek bonds.

http://old.news.yahoo.com/s/ap/oil_prices