Elaine Frei report, 10/05/2010
The price of crude oil was higher Monday after it was announced that the European Union has finalized a bailout package worth almost $1 trillion dollars, after prices declined by 14 percent last week on concerns surrounding the Greek economy’s recent problems.
Also helping push prices higher was the latest data on oil imports by China, which showed that the Asian nation imported 5.165 million barrels per day in April, a record, 31 percent over imports in the same month last year.
June contracts for West Texas Intermediate crude were up $1.40 to $76.51 per barrel at around 1:30 p.m. on the New York Mercantile Exchange, while at last report Brent crude had added $1.63 to $79.90 per barrel on the ICE Futures Europe exchange in London.
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