Oil prices rose again Monday, in line with the strengthening of the dollar and sliding stock markets, as investor enthusiasm wanedin debt last week against the euro area.
New York oil contract principal, light sweet crude for December delivery closed at $ 93.19 a barrel, up 13 cents from Friday’s closing level.
In London, Brent North Sea fell 35 cents in December to $ 109.56dollars a barrel.
The oil market had rallied last week after a failure of the crisis of sovereign debt in the euro area has helped to alleviate many of the lingering concerns that problems in Europe could trigger a new global recession.
However, prices closed lower Friday and extended losses on Monday as traders grew skeptical that the debt wouldconcentrate on solving the crisis throughout the euro area.
European stock markets fell Monday, meanwhile, led by banks, investors are concerned about possible losses due to the crisis plan of the euro area.
“Perception of higher risk in the context of weak equity marketsand the strong dollar put some pressure on oil prices,” saidCommerzbank analyst Carsten Fritsch.
The European single currency fell to $ 1.3868 on Monday thatU.S. crude oil dollar more expensive for buyers, the euro and, in turn dampening demand for oil.
