On Tuesday, the market expected the final settlement of the euro zone debt crisis is expected to make progress, Europe and the United States crude oil prices hit the largest one-day gain in more than four months. However, the European debt relief proposal was strongly controversial from within the euro area, and international oil prices fell again after the close of trading. In addition, the inventory data released by the American Petroleum Institute also weighed on the market. Tuesday (September 27) New York Mercantile Exchange West Texas Light Oil November 2011 ** Settlement price US$84.45 per barrel, up US$4.21 from the previous trading day, trading range 80.92-84.77 USD; London Intercontinental Exchange Brent crude oil November 2011 ** settled at $ 107.14 a barrel, up $ 3.20 over the previous trading day, trading range of 104.5-107.54 US dollars.
U.S. Treasury Secretary Timothy Geithner predicted that European leaders will step up their efforts to curb their debt problems after receiving criticism from global counterparts. The Hellenic Parliament voted on a new property tax bill, making a crucial step in ensuring that international creditors give the country further assistance and avoid debt defaults. After the above two news came out, European and American crude oil prices soared 5.3%.
European policy makers are planning to increase hopes of increasing the size of the bailout. The exchange rate of the euro against the US dollar rose for a third consecutive day, supporting a strong rise in international oil prices. EU officials said that they are studying ways to increase the size of the European Financial Stability Agency (EFSF) without increasing the burden on member states. The EFSF is used to help Portugal and Ireland reach 444 billion euros in aid.
However, rumors about coordinating actions against the debt crisis in the euro zone have accompanied policy makers denying that the scale of the bailout will increase, making the market uneasy. When last week's remarks about leveraging the EFSF spread, credit rating agency Standard & Poor's warned that the move could trigger a downgrade of Germany and France. German Finance Minister Schaeuble said on Tuesday that increasing the size of the bailout is a "stupid idea", which may mean that some euro zone economies may lose AAA ratings. Spanish Minister of Economy Salgado said there is no plan to expand the scale of the EFSF bailout to 2 trillion euros.
U.S. Treasury Secretary Timothy Geithner predicted that European leaders will step up their efforts to curb their debt problems after receiving criticism from global counterparts. The Hellenic Parliament voted on a new property tax bill, making a crucial step in ensuring that international creditors give the country further assistance and avoid debt defaults. After the above two news came out, European and American crude oil prices soared 5.3%.
European policy makers are planning to increase hopes of increasing the size of the bailout. The exchange rate of the euro against the US dollar rose for a third consecutive day, supporting a strong rise in international oil prices. EU officials said that they are studying ways to increase the size of the European Financial Stability Agency (EFSF) without increasing the burden on member states. The EFSF is used to help Portugal and Ireland reach 444 billion euros in aid.
However, rumors about coordinating actions against the debt crisis in the euro zone have accompanied policy makers denying that the scale of the bailout will increase, making the market uneasy. When last week's remarks about leveraging the EFSF spread, credit rating agency Standard & Poor's warned that the move could trigger a downgrade of Germany and France. German Finance Minister Schaeuble said on Tuesday that increasing the size of the bailout is a "stupid idea", which may mean that some euro zone economies may lose AAA ratings. Spanish Minister of Economy Salgado said there is no plan to expand the scale of the EFSF bailout to 2 trillion euros.
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