By Mathew Carr
March 13 (Bloomberg) -- European Union emission permits rose to their highest since Jan. 17 after crude oil climbed to a sixth consecutive record yesterday, potentially boosting the price of cleaner-burning natural gas.
Carbon dioxide emission permits for December delivery rose as much as 65 cents, or 3 percent, to 22.60 euros ($35.20) a metric ton on the European Climate Exchange in London. They were at 22.43 euros a ton at 7:40 a.m. London time.
European gas sales contracts are often linked to the price of oil products, and power utilities need fewer than half as many allowances to use gas as they do to use dirtier coal. The EU emissions system is the world's biggest greenhouse-gas trading program.
Crude oil rose as much as 1.3 percent to a record $110.20 a barrel in New York yesterday. It was at $109.71 a barrel at 3:41 a.m. local time today.
To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net
Last Updated: March 13, 2008 03:52 EDT
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