Sept. 28 (Bloomberg) -- European Union carbon permits had the biggest weekly gain in three months as oil prices rose, spurring demand for emission rights.
EU permits for delivery in December advanced 1.5 percent to 7.98 euros ($10.28) a metric ton on the ICE Futures Europe exchange today, extending this week’s gain to 7 percent. That’s the biggest advance since the five days ended June 22. The contract lost 3.6 percent in the quarter.
Brent crude for November settlement was poised for the biggest quarterly gain this year. Oil can affect prices of carbon permits because it’s linked to economic production and to cleaner-burning natural gas costs in Europe.
United Nations credits for December, which can be used for compliance in the EU emissions-trading program, fell 0.9 percent to 2.19 euros today. They had a 47.6 percent decline this quarter, the worst this year.
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