Oil stable before critical European debt summit

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LONDON, Oct 26 (AFP): World oil prices stablilised Wednesday as dealers awaited the outcome of an EU summit aimed at resolving the debt crisis before embarking on risky trades. New York's main contract, light sweet crude for delivery in December, gained 20 cents to $93.38 per barrel. Brent North Sea crude for December delivery fell nine cents to $110.83 a barrel in London midday trade. Investors are focused on Brussels, where European leaders will gather from 1600 GMT for their second summit in three days on the long-running crisis that has dogged global financial markets. Markets are demanding a watertight deal to dispel fears that the crisis will spark another fierce global recession-which would slash demand for key commodities like crude oil. "If there is decisive action on the part of leaders, then I think you could see investors' appetite for risk expand which would be bullish for commodities, although it really does depend on what is agreed," said analyst Damien Cox at consultancy EnergyQuote JHA in London.