"Oil Jumps Above $92 After Europe Debt Plan"

"SINGAPORE -- Oil prices jumped above $92 a barrel Thursday in Asia after European leaders agreed on a plan to reduce Greece's debt burden."

"Benchmark crude for December delivery was up $1.89 at $92.09 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.97, or 3.2 percent, to settle at $90.20 in New York on Wednesday.

Brent crude was up $1.27 at $110.18 a barrel on the ICE Futures Exchange in London.

EU President Herman Van Rompuy said early Thursday that policymakers struck a deal that will reduce Greece's debt to 120 percent of its GDP in 2020. The plan calls on banks to accept 50 percent losses on their Greek bonds."

Alex Kennedy reports for the Associated Press October 27, 2011.

SEE ALSO:

"Economic Slowdown Challenges Renewable Energy" (New York Times)

"New Technologies Redraw the World’s Energy Picture" (Green/NYT)

"The Global Coal Trade's Complex Calculation" (NPR)

Source: AP, 10/27/2011