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Oil prices climb on eurozone hopes

AFP
September 7, 2012, 12:19 am TWN

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LONDON--Oil prices rose Thursday with investors hopeful that a European Central Bank meeting would yield fresh measures to resolve the eurozone's stubborn debt woes, analysts said.

Brent North Sea crude for delivery in October gained 87 cents to US$113.96 a barrel in London morning deals.

New York's main contract, light sweet crude for October, climbed 99 cents to US$96.35 a barrel.

“Market players are evidently pinning their hopes on ECB President (Mario) Draghi not disappointing the widely-held expectations and announcing an extensive program of bond purchasing, in which case oil prices are likely to make further gains,” analysts at Commerzbank said in a note to clients.

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