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U.S. Oil Rises on European Optimism, Strong Earnings
Oct 24,2011 09:20CST
industry news
Source:SMM
U.S. crude oil price rose on Friday, boosted by strong earnings reports, as investors were optimistic about an upcoming European summit on Sunday.

NEW YORK, Oct. 24 (Xinhua) -- U.S. crude oil price rose on Friday, boosted by strong earnings reports, as investors were optimistic about an upcoming European summit on Sunday.

France and Germany said European leaders would examine a global solution on Sunday to address the region's debt crisis. Investors were hoping that a comprehensive deal was under way, which would be a great relief for the struggling world economy.

U.S. stocks gained on solid earnings with McDonald's posting its ninth straight quarter of gains and General Electric reporting an 18-percent increase of profit. Market sentiment was boosted, pushing oil higher.

And, the U.S. government said jobless rates fell in half of the states in September as hiring picked up, pointing to a rising demand for oil and gas.

Light, sweet crude for December delivery gained 1.33 dollars, or 1.55 percent to settle at 87.40 dollars a barrel on the New York Mercantile Exchange. For this week, New York crude benchmark rose 60 cents, or 0.69 percent.

But in London, Brent crude for December delivery edged down 20 cents to close at 109.56 dollars a barrel. For this week, it fell sharply by 5.12 dollars, or 4.46 percent.

 

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