Crude oil futures up, as Europe unveils new debt control strategies
Announcements from Germany’s Chancellor Merkel and President Sarkozy of France stated that the European leaders have a new resolution tactic to mend the ailing economy in Europe and field the floundering Greece with the bailout funds it needs. The news gave commodity markets a much-needed boost, ensuring that crude oil futures and crude oil investments continued their upward trajectory for the fourth straight trading session.
Crude oil futures gained almost 4% after the announcement went out to press. The previously fallen euro also made a major surge against the U.S. dollar, causing yet another rise for the greenback-valued crude oil investments.
The latest reports from the U.S. Labor Department also indicate that the nation’s jobless rates are on the mend.
Crude oil futures for delivery in November gained $2.65 and currently sit at $85.63 per barrel on the New York Mercantile Exchange. The oil commodity futures reached as high as $86.09 at some point during the trading session today, the highest they have been since late September. Though crude oil futures rallied more than 10% over the past week alone, the oil commodity is still down 6.3% for the year.
Brent crude oil prices are similarly up, posting near $3 gains and now trading at $108.85 per barrel in London.
The euro made a drastic rise today, after the European leaders vowed to do whatever is necessary to mend the region’s falling economy and pull Greece out of the default scares.
If this latest resolution measure proves to be effective, and the U.S. unemployment rates continue their slow but steady mend, crude oil futures and crude oil investments should continue their upswing.
As it stands now, the oil commodity has managed to pare down most of the losses it sustained over the year, and particularly the troubled past few months. However, the sustainability of that upturn depends on too many factors to make any sort of sure projection at the moment.