Oil rises to near $83 after Ireland bank bailout
Tuesday, 23 November 2010
SINGAPORE, Nov 22 (AP): Oil prices rose to near $83 a barrel Monday in Asia after Ireland agreed to a massive bailout of its troubled banking sector, stemming investor fears that a debt crisis could spread across Europe.
Benchmark oil for January delivery was up 69 cents to $82.67 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 44 cents to settle at $81.98 last Friday.
Ireland said Sunday it would accept a European Union and International Monetary Fund loan whose terms, conditions and size would be negotiated in the coming weeks. News of the deal helped strengthen the euro, making crude, which is traded in dollars, cheaper for investors with the European currency.
Benchmark oil for January delivery was up 69 cents to $82.67 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 44 cents to settle at $81.98 last Friday.
Ireland said Sunday it would accept a European Union and International Monetary Fund loan whose terms, conditions and size would be negotiated in the coming weeks. News of the deal helped strengthen the euro, making crude, which is traded in dollars, cheaper for investors with the European currency.