Oil Steady on Hopes for EU Rescue

Business Week reported that oil was steady amid speculation that the European Central Bank may alleviate the region’s sovereign debt crisis.

The market news is quoted as saying:

“There’s some talk that the European policy makers are putting together some new measures to ease the region’s debt crisis and that’s making the markets a little more stable,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “The markets are still worried about the whole economic picture and a Greek default.”

The reintroduction of 12-month loans to banks will be discussed at the ECB’s Oct. 6 policy meeting, according to the central bank official, who spoke on condition of anonymity because the information is confidential. Interest-rate cuts are likely to be discussed, though they are not on the current agenda, the official said.

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