Oil prices rise amid tensions in Libya and ruling on Eurozone bailout fund

14-Sep-12
New York's main contract, light sweet crude for delivery in October, inched up to US$97, while Brent North Sea crude rose to US$116. Oil prices rose in Asian trade today as tensions sparked by the killing of the US ambassador to Libya and a German court ruling on a eurozone bailout fund helped boost prices. Signs of a weaker demand for energy in USA amid a rise in inventory levels limited gains. A ruling by the German Constitutional Court cleared the way for the launch of a European Stability Mechanism (ESM). The 500 bln Euro, (US$620 bln) ESM is seen as key to stabilising the European economy.
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