Oil prices rise before inventory data

2nd November 2011, Comments 0 comments

Crude prices rose slightly on Wednesday as traders kept a close eye on Greece's debt problems ahead of energy inventory data and an interest rate decision from the key oil consumer the United States.

New York's main contract, light sweet crude for delivery in December, gained 17 cents to $92.36 a barrel.

Brent North Sea crude for December delivery rose 28 cents to $109.82 approaching midday in London.

Crude futures had fallen on Tuesday after Greece's shock call for a referendum on the latest EU bailout plan revived fears of a Greek default that could sap the global economy and, in turn, demand for oil.

German Chancellor Angela Merkel and French President Nicolas Sarkozy have summoned Greek Prime Minister George Papandreou for talks on Wednesday after his referendum plan raised the spectre of Greece's exit from the euro.

Also on Wednesday, the US government provides the latest weekly snapshot of energy inventory levels in the world's biggest oil consumer. The Federal Reserve meanwhile gives an update on its interest rate intentions.

© 2011 AFP

0 Comments To This Article