WTI oil futures open the week’s trading session pushing close to $102 a barrel as stock markets in Asia and Europe open higher, however it’s all eyes on the debt situation that clouds Europe and this week could turn out to be volatile for traders and investors.
Latest WTI Oil Price
US Light crude oil futures for January 2012 delivery was trading at $101.68 a barrel, 08.54 GMT this morning in electronic trading on the NYMEX.
The gains for the US oil contract extend the positive finish for WTI oil on Friday, notching up a weekly rise of over 4 percent.
Stock Markets Rally
Asian and European stock markets opened higher today, as investors hoped for progress in curbing Europe’s debt crisis in what could be a crucial week for the troubled region.
Hong Kong’s Hang Seng Index finished 0.7 percent higher, Japan’s Nikkei Stock Average rose 0.6 percent, while Australia’s S&P/ASX 200 rose 0.8 percent.
Meanwhile, Europe’s main stock markets advanced at the start of trading, with investors reassured by Italian austerity measures at the start of a critical week for the euro as investor’s hoped for more progress on Europe’s crisis ahead of a meeting later in the day between Angela Merkel and Nicolas Sarkozy.
“The start of a key week for Europe begins today with Sarkozy and Merkel meeting in Paris for talks on how the idea of a fiscal union might work in principle. Talk of fiscal union is one thing, being able to deliver even a framework for it is another.” said CMC Markets analyst Michael Hewson.
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WTI crude oil trades near $102, follows global stock markets higher
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