In an effort to restore financial markets and deal with the country's debt crisis, oil prices in New York have risen sharply. This change is beneficial because Europe can control oil prices and limit oil demand to run its economy.
To address this situation as the biggest quarterly decline in the past, steps were taken to control the global financial crisis. Click over here to know more about the Europe debt crisis.
Finance Minister said the European government would try to take sustainable steps to address the problem after being forced to attend an international meeting in Washington.
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According to BP PLc's annual global energy statistics, the European Union reports 16% of global oil demand in 2010. Meaningful plans had the power to restore confidence in the world. Therefore, it offers a vision to find everything at a reasonable price, including crude oil.
Oil prices rose $ 2 to $ 82.24 a barrel, according to e-commerce on the New York Mercantile Exchange, and dropped to $ 82.02 in Sydney weather. There was a further 14% drop in oil prices during the quarter.
This was one of the biggest declines for the next three months in December 2008. Oil prices fell 8% that month and after a 10% decline in September 2011.
According to the London ICE Futures Europe Stock Exchange, Brent futures rose $ 1.42 to $ 105.32 a barrel. However, European reference contracts fell 6% this quarter and traded at a premium of $ 23.34.
With significant changes explained by global markets, the Standard & Poor's 500 indexes in New York rose 2.3%. The MSCI Asia Pacific Index rose 2.9% in Tokyo. However, the dollar index fell for the second day. This type of change has disrupted global stability.