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EU Carbon Allowances Rise as Oil Trades Near Four-Week High

European Union carbon permits rose as oil traded near its highest price in four weeks, boosting demand for emission rights.

EU permits for delivery in December next year advanced 1 percent to 7.19 euros ($9.54) a metric ton on the ICE Futures Europe exchange as of 9:17 a.m. London time. Trading resumed today after two days of public holidays in the region.

Brent crude rose 6 cents to $111.13 a barrel, after rising 2.1 percent yesterday to its highest close since Nov. 30. 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

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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