International oil prices rose to close at 95.52 US dollars a barrel on the 7th

As investors expect Greece to form a temporary transitional government and pass a sovereign debt crisis assistance plan, international oil prices rose sharply on the 7th.

Greek Prime Minister George Papandreou decided to resign on the 6th and agreed to form a joint transitional government with the opposition parties and recommend the new prime minister, in an effort to promote the adoption of a new round of aid plans before the government’s funds dried up in mid-December. Investors believe that this move will enable Greece to avoid debt defaults and greatly ease the market's concerns about the European debt crisis. As a result, oil prices have gained momentum.

However, investors are still cautious about Europe. After Greece, Italy became another focus of attention. On the same day, news about the resignation of Italian Prime Minister Silvio Berlusconi once caused severe market volatility. Economists believe that Italy’s current national debt yields have reached record highs and the sovereign debt risks it faces continue to increase.

In addition, the International Atomic Energy Agency may issue a report on Iran’s nuclear investigation in recent days. The market believes that the report may trigger tensions between OPEC members Iran and Israel, which will affect crude oil production and push up oil prices.

By the close of the day, the price of light crude oil** delivered by the New York Mercantile Exchange in December was up 1.26 US dollars to settle at 95.52 US dollars per barrel, or 1.34%, the highest closing price since August 1. In December, the price of Brent crude oil in the North Sea in London rose by 2.59 US dollars to close at 114.56 US dollars a barrel, or 2.31%, the highest since October 14th.