Oil Climbs to Three-Month High on Possible New Leaders in Europe
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Crude oil increased to a three-month high in New York on the prospect of new leadership in Italy and Greece, two countries that are in the forefront of Europe’s sovereign debt crisis.
Futures rose 1.3 percent as Italian Prime Minister Silvio Berlusconi faced pressure to quit as the country’s 10-year borrowing costs approached the 7 percent level that forced Greece, Ireland and Portugal to seek bailouts. Greek Prime Minister George Papandreou agreed to resign to allow a national unity government to secure outside financing.