By Ben Sharples - Nov 7, 2011 6:39 AM GMT+0700
Oil rose for a fourth day in New York amid signs Europe will contain its debt crisis after Greece said it will form a unity government to secure financial aid and avert the collapse of its economy.
Futures climbed as much as 0.5 percent after Greek Prime Minister George Papandreou agreed to step down to allow the creation of a new government. Crude gained for a fifth week in the seven days ended Nov. 4, the longest rising streak since the period ended April 3, 2009.
Oil for December delivery increased as much as 44 cents to $94.70 a barrel in electronic trading on the New York Mercantile Exchange and was at $94.69 at 10:37 a.m. Sydney time. The contract advanced 19 cents to $94.26 on Nov. 4, the highest since Aug. 1. Prices are 3.6 percent higher the past year.
Brent oil for December settlement gained $1.19, or 1.1 percent, to $113.16 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $18.47 to New York crude, compared with a record settlement of $27.88 on Oct. 14.
The European Union accounted for 16 percent of the world’s oil consumption in 2010, according to BP Plc’s annual Statistical Review of World Energy.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Paul Gordon in Hong Kong at pgordon6@bloomberg.net
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