Oil up near $82 after EU debt fund vote

Oil prices ticked up nearer to $82 a barrel Sept. 29 after Germany approved a measure to strengthen a bailout fund intended to help Europe overcome its debt crisis.

By early afternoon in Europe, benchmark oil was up 53 cents to $81.74 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $3.24, nearly 4 percent, to $81.21 per barrel on the Nymex on Sept. 28.

In London, Brent crude for November delivery was up 59 cents at $104.40 on the ICE Futures exchange. Oil rose sharply earlier in the week as Europe appeared to get a better handle on its debt crisis.

“Crude oil continues to fluctuate wildly over the same ground as the sentiment pendulum swings between confidence and pessimism over whether or not the global economy is headed for recession,” said Michael Fitzpatrick, editor-in-chief of The Kilduff Report in New York. Crude oil has fallen about 15 percent since July and is down 26 percent since hitting a high for the year of $113.93 per barrel on April 29.

—The Associated Press