Oil prices linger above US$86 on doubts about Europe debt plan

Oil on the Nymex inched up to US$86.4, while Brent crude for December delivery slipped to US$110.1 on the ICE Futures Exchange in London. Oil prices hovered above US$86 after comments from Germany that downplayed a possible plan that could help control Europe's debt crisis. The last two weeks has seen some strength in oil prices from levels of US$75, in anticipation of announcement of a plan by European leaders that could curtail the contagion from a possible Greek sovereign debt default. Oil fell early in the day after China said its surging economy cooled slightly in the last quarter. But prices rebounded by midday, following a broad rally on Wall Street. Despite a minor slowdown in China's economy from July to September, its 9.1% growth rate continues to be robust when compared with the West. Reports from USA’s housing industry, though not high enough to signal a recovery, is still good news for the beleaguered housing industry. In Libya rebels strengthened their control of the country, raising expectations that Libya will shortly be able to supply oil to world markets again.
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