Oil prices rebound, but Italy downgrade weighs
Page 1 of 1 • Share
Oil prices rebound, but Italy downgrade weighs
[You must be registered and logged in to see this image.]
LONDON: Oil prices rebounded on Tuesday from recent sharp falls, but sentiment remained weak after Italy was slapped with a sovereign debt rating downgrade, and before the US Federal Reserve's latest meeting.
New York's main contract, light sweet crude for delivery in October, added $1.08 to $86.78 a barrel. Brent North Sea oil for November rose $1.46 to $110.60 a barrel in late morning London deals.
Standard & Poor's downgraded Italy's sovereign debt assessment, citing economic, fiscal and political weaknesses in a fresh blow to Silvio Berlusconi's fragile coalition government.
The rating agency said it had downgraded Italian debt to "A/A-1" from a "A+/A-1+" grade because of "Italy's weakening economic growth prospects."
The downgrade comes at a highly sensitive moment in the eurozone debt drama, which has so far witnessed enormous bailouts for debt-ravaged Greece, Ireland and Portugal.
Oil prices had slumped Monday on concern that Greece was on the brink of default, while the market was also rocked by the ongoing political feud over deficit reduction in the United States.(AFP)
LONDON: Oil prices rebounded on Tuesday from recent sharp falls, but sentiment remained weak after Italy was slapped with a sovereign debt rating downgrade, and before the US Federal Reserve's latest meeting.
New York's main contract, light sweet crude for delivery in October, added $1.08 to $86.78 a barrel. Brent North Sea oil for November rose $1.46 to $110.60 a barrel in late morning London deals.
Standard & Poor's downgraded Italy's sovereign debt assessment, citing economic, fiscal and political weaknesses in a fresh blow to Silvio Berlusconi's fragile coalition government.
The rating agency said it had downgraded Italian debt to "A/A-1" from a "A+/A-1+" grade because of "Italy's weakening economic growth prospects."
The downgrade comes at a highly sensitive moment in the eurozone debt drama, which has so far witnessed enormous bailouts for debt-ravaged Greece, Ireland and Portugal.
Oil prices had slumped Monday on concern that Greece was on the brink of default, while the market was also rocked by the ongoing political feud over deficit reduction in the United States.(AFP)
Zeba Khan Hoti- Monstars
- Posts : 773
Join date : 2011-02-24
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|
Sat May 04, 2024 11:49 am by ali001
» house disrepair claims
Thu May 02, 2024 4:29 pm by Ibad Khan Buledi
» Bounce n Bang: Physics puzzler
Thu May 02, 2024 11:39 am by ali001
» AIChatSY - AIChatbot Assistant
Wed May 01, 2024 10:48 am by ali001
» Storybook Magic App
Tue Apr 30, 2024 7:06 pm by ali001
» Flower Book Match3 Puzzle Game
Tue Apr 30, 2024 12:17 pm by ali001
» Avian Influenza Symptom in Chickens "Bird Flu H5N1 Virus" Vet learning materials, Poultry Farming
Sat Apr 27, 2024 9:57 am by Ibad Khan Buledi
» Aloha Planner - Note-Taker
Thu Apr 11, 2024 4:52 pm by ali001
» Streaming Guide Film TV Series
Tue Apr 09, 2024 9:39 pm by ali001