Oil prices rise before energy demand data

7th November 2011, Comments 0 comments

Oil prices advanced Monday on hopes for a solution to the eurozone debt crisis and as traders awaited a batch of data on world energy demand due this week.

New York's main contract, light sweet crude for delivery in December, rose 60 cents to $94.86 a barrel.

Brent North Sea oil for December rallied $1.60 to $113.57.

This week sees energy demand forecasts published by the US government on Tuesday, OPEC on Wednesday and the International Energy Agency on Thursday.

"Given the gloomier economic outlook, another downward revision of demand estimates cannot be ruled out," said Commerzbank analyst Carsten Fritsch.

Before the data, markets were tracking Greece, where political leaders sought on Monday to put the finishing touches to a unity government and appoint a new prime minister after a power-sharing deal to keep the country in the eurozone.

© 2011 AFP

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