Oil hovers near two-week high on Ireland rescue

Oil rose to a two-week high on Monday after the European Union approved a rescue plan for Ireland but persisting worries about the health of other euro zone members trimmed some of the gains later.

Worries that a spreading crisis within the euro zone would keep a lid on growth and hence energy demand have helped pressure commodities prices over the last week, pulling down oil from a two year high of $88.63 on November 11.

U.S. crude for January traded 1 percent up to $84.59 a barrel at 8:10 EST (1310 GMT) after rising 1.5 percent to a high of $85.03 a barrel earlier on Monday.

ICE Brent for January rose 77 cents to $86.35 with oil gaining despite the dollar strength with the greenback rising by 0.5 percent against a basket of currencies .DXY and the euro hitting a two-month low.

Read Full Article from Reuters

- Posted: 2010-11-29 08:47:19

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