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Oil climbed to trade near a ten-day high as Europe took steps to stop its debt crisis from worsening and tensions mounted on the Korean peninsula.

Futures rose as much as 0.8 percent after European governments and the International Monetary Fund extended an aid- package to debt-strapped Ireland. Prices also rose as North Korea warned its confrontation with South Korea could lead to war. Asian equities advanced.

“Greece and Ireland are now under the stewardship of the European Union and the IMF and potentially before the end of the year Portugal will be in the same situation,” said David Taylor, a market analyst at CMC Markets Ltd. in Sydney. “There’s also the potential for conflict between North Korea and South Korea. There’s a little bit of nervousness in the market.”

The January contract climbed as much as 70 cents to $84.46 a barrel in electronic trading on the New York Mercantile Exchange and was at $84.39 at 1:35 p.m. Sydney time. Prices are up 6.3 percent this year.

The contract traded at $84.53 a barrel on Nov. 26, the highest in ten days, before closing at $83.76, down 0.1 percent.

Crude rose after the EU handed an 85 billion-euro ($113 billion) bailout to Ireland and told Greece it could have an extra four-and-a-half years to repay emergency loans to match the seven-year term under Ireland’s deal.

Sumber : BLOOMBERG.COM

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