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Oil Rises a Fourth Day as Europe Pledges to Contain Debt, U.S. Gains Jobs

October 10 2011, 08:09

FMX|Connect- WWW.FMXConnect.com (Reported on 10/10/2011)

Oil Rises a Fourth Day as Europe Pledges to Contain Debt, U.S. Gains Jobs

Source: Bloomberg

Oil climbed for a fourth day in New York as investors bet that fuel demand may increase after a pledge by European leaders to contain the region’s sovereign- debt crisis.

Futures rose as much as 2.1 percent after the biggest weekly gain in seven months. German Chancellor Angela Merkel and French President Nicolas Sarkozy gave themselves three weeks to stamp out the European crisis, causing the euro to gain against the dollar. U.S. employers added more workers in September than forecast, a report showed Oct. 7. OPEC is likely to keep oil output targets unchanged when it meets in December, Mohammad Ali Khatibi, an Iranian representative to the group, said yesterday. To read the full article, Click Here.

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