Saturday 15 October 2011

Oil Gains 3 Percent on Europe Hopes


Oil prices rose 3 percent on Friday, posting a second straight weekly gain, on lift from stronger-than-expected U.S. retail sales and optimism about the prospect that European leaders can reach a deal to address the euro-zone debt crisis.

With Brent's front-month November contract expiring on Friday, the premium to U.S. crude strengthened and intraday reached a record $28.10 a barrel.

U.S. retail sales grew at their fastest pace in seven months in September, above expectations, and sales for August and July were revised higher as well.

SOURCE:- http://in.reuters.com/article/2011/10/14/us-markets-oil-idINTRE7922QH20111014

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