Oil is closing in on $100 this morning following a global market rally that according to U.S. stock futures will continue for the U.S. markets. This rally comes after a better than expected start to the U.S. holiday season and hopes that European leaders can solve the sovereign debt crisis in Europe.
Benchmark crude for delivery in January is up $2.63 at $99.4 this morning. In London, Brent crude saw a rise of $2.14 at $107.99.
Oil is jumping today along with the overall market following news that a record 226 million shoopers visited stores and websites during the Thanksgiving holiday weekend. This was a 14 million increase from last year according to early estimates.
In Europe, there are reports of France and Germany bypassing European redtape to get nations using the euro to adhere to stricter rules for budget discipline. This helped boost confidence in investors who had none when it came to Europe.
Oil was over $100 at one point last week, but fell quickly as the continuing crisis in Europe undermines the entire global economy.
About Martin Stephenson
