Finance ministers with nations of the European Union are slated to convene by conference call on Tuesday to discuss the deadline they set to acquire more aid as well as the new rules for the budget issues they are discussing.
"There are enough contradictory pressures on the oil market to go into the holidays with a neutral position," managing director Olivier Jakob with Petromatrix GmbH in Switzerland told Bloomberg. "On the bearish side there is the risk of European downgrades, but there's also the risk of tougher rhetoric against Iran."
At 7:49 a.m. on Monday, crude oil futures gained 0.74 percent, a 76 cent rise to $104.11 per barrel.
Dow Jones Newswires reports the conference call will circle around a contribution of 150 billion euros to the International Monetary Fund. That boost in liquidity is earmarked for debt-hobbled nations in the euro zone that are struggling with damages caused by the sovereign debt crisis to banks, public finance systems and markets.
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