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The article provides information about fluctuating oil prices and its impact on European debt crisis. In an attempt to recoil financial market and effort to manage a sovereign debt crisis, oil prices climbed considerably in the New York. This alteration was helpful as Europe can control oil prices and curb oil demand to mange its economy. To cope up with condition like the biggest quarterly decline in 2008, the step has been taken to control the global financial crisis. Timothy F. Geithner, the United States treasury Secretary said that European governments will try to take sustainable measures to reduce debit woes after being forced at international meetings in Washington. According to the BP PLc’s annual Statistical Review of World Energy, the European Union reported 16% of global oil demand in the year 2010. Ric Spooner, a chief market analyst at CMC Markets in Sydney, said that a meaning plan has the power to restore confidence to the world. Hence, this provides a vision to look everything at reasonable prices that also include crude oil. The oil prices added $2 to $82.24 a barrel as depicted by electronic trading on the New York Mercantile Exchange, as well declined at $82.02 as per Sydney time review. In the quarter months, the sequent drop of 14% has been seen in the prices on oil. This is one of the biggest downfalls after subsequent three months in December 2008. Oil prices have dropped 8% this month as well followed by 10% decline in Sept. 2011. According to the London-based ICE Futures Europe exchange, Brent futures climbed $1.42 to $105.32 a Barrel. However, the European benchmark contract has dropped 6% this quarter months and traded at a premium of $23.34. Mark Pervan, the head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said that Crude benchmarks have been affected by the rally in equity markets and a softer U.S. dollar. Oil price kept on fluctuating because of uncertainty in Europe, it stuck at specific limit after decline in 2nd week of Sept 2011. On ABC Television show World News with Diane Sawyer, Geithner said that European governments told to leaders that their European debt crisis is pinching global growth. With the significant changes as described by the global market, the Standard & Poor’s 500 Index rose 2.3 percent in New York. The MSCI Asia Pacific Index added 2.9 percent in Tokyo. However, the Dollar Index dropped for a second day. Such a type of alteration has disturbed the global solidity and stability. The author is an experienced journalist in oil related fields, who regularly writes articles related to oil prices & indexes and crude oil including tips on investment in oil. Please visit oil.com for more details.
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