EU Carbon Allowances Little Changed Near a Three-Week Low as Oil Declines

Carbon allowances in the European Union’s emissions trading system, the world’s largest, was little changed near a three-week low as crude oil dropped.

EU permits for December rose 0.3 percent to 15.47 euros a metric ton as of 10 a.m. on London’s European Climate Exchange, extending their gain in the second quarter to 21 percent. They touched 15.08 euros on June 25, the lowest level since June 7.

Brent crude for August delivery lost 0.5 percent to $77.71 a barrel on the London-based ICE Futures Europe exchange. Oil can influence carbon prices because it’s linked to economic output and to cleaner-burning natural gas in Europe.

To contact the reporter on this story: Ewa Krukowska in Warsaw at ekrukowska@bloomberg.net

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