Oil prices rise as news from Greece, Italy signal resolve of Eurozone debt crisis

Nymex crude rose to US$94.5, and Brent crude rose past US$112 on hopes that political settlements in Greece and Italy could help resolve the eurozone debt crisis and minimize the chances of a further slowdown in global economic growth. Debts in Italy, which has the biggest government bond market in the eurozone amount to 120% of GDP. A financial collapse in Italy could pose a huge risk to markets. In Greece leaders set to choose who will lead a new coalition and push through a bailout before the country runs out of money in mid-December.
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