Commodity Corner: Oil Climbs on Europe Debt Plan
On Thursday, oil futures settled at their best since early June, briefly peaking above $100 a barrel, as European leaders made progress on a plan to deal with its debt crisis.
Crude for the new front-month contract gained 73 cents Thursday, settling at $99.13 a barrel. Prices peaked as high as $100.16 a barrel early in the session.
Top European officials met in Brussels today to discuss releasing a rescue package for Greece. The leaders agreed to lower interest rates on European Financial Stability Facility loans while extending loan maturities. Details from the plan are expected to be released soon.
Meanwhile, Brent crude fluctuated between $116.95 and $119.19, before settling at $117.51 a barrel.
Earlier Thursday, the International Energy Agency (IEA) said it won't release additional emergency oil reserves. Last month, the IEA released 60 million barrels of oil to alleviate the disruption of supplies from Libya.
August natural gas fell 11 cents, ending the session at $4.395 per thousand cubic feet after government reports reported an increase in natural gas stockpiles. The U.S. Energy Administration said natural gas stockpiles grew by 60 billion cubic feet, totaling 2.671 trillion cubic feet for the week ended July 15.
The intraday range for natural gas was $4.37 to $4.59 per thousand cubic feet.
Gasoline futures decreased nearly 5 cents, settling at $3.10 a gallon. RBOB prices peaked at $3.16 and bottomed out at $3.09 Thursday.