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Reply #2: Oil inches to near $102 ahead of EU debt summit [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 07:07 AM
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2. Oil inches to near $102 ahead of EU debt summit
SINGAPORE Oil prices inched higher to near $102 a barrel Thursday in Asia ahead of an interest rate decision in Europe and a crucial summit on the continent's debt crisis.

Benchmark crude for January delivery was up 38 cents to $100.87 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract dropped 79 cents to settle at $100.49 on Wednesday.

In London, Brent crude was up 30 cents at $109.84 on the ICE futures exchange.

European leaders will meet later Thursday to discuss possible spending targets and ways to enforce them in a bid to lower the debt levels of countries such as Greece and Italy and restore investor confidence. Some analysts expect the European Central Bank to lower interest rates to help spur lending and economic growth.
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