By early afternoon in Europe, benchmark crude for October delivery rose by a dollar to US$96.4 on the Nymex, while in London, Brent crude rose to US$113.9 on the ICE Futures exchange. Oil prices rose on the eve of a meeting of the European Central Bank, expected to announce a plan to help ease the eurozone's debt crisis. The ECB is expected to announce a bond-buying program to reduce high borrowing costs in Spain and Italy. That could lower their chances of needing an emergency bailout, ease concerns about their economies and translate into growth and more demand for energy.
Market estimates of a large decrease in U.S. stockpiles of crude and refined products also supported prices.
07-Sep-12 
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