Oil prices steady at start of G20 summit

3rd November 2011, Comments 0 comments

Oil prices steadied on Thursday, with traders sitting tight at the start of a G20 summit centred on the eurozone debt crisis, which threatens to derail global economic recovery and demand for energy.

New York's main contract, light sweet crude for delivery in December, edged up four cents to $92.55 a barrel.

Brent North Sea crude for December delivery gained two cents to $109.36 in London deals.

"Given persistent macro fears and concerns for potential sovereign defaults in the (eurozone) monetary union, crude prices continue to swing back and forth," said Andrey Kryuchenkov, commodities analyst at VTB Capital.

Oil prices closed mixed on Wednesday, with investors left disappointed by a lack of new Federal Reserve stimulus measures and worried by the Greek debt crisis.

On Thursday, crude markets were tracking a Group of 20 summit in the French resort of Cannes, where the leaders of the world's most powerful economies were attempting to strong-arm Greece into abiding by the terms of the rescue deal.

European leaders issued Greece with an ultimatum on the eve of the meeting that Athens would not get "one more cent" from the European Union and International Monetary Fund (IMF) unless it accepted the deal.

© 2011 AFP

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