Oil rises on European debt progress

Crude prices rose on Friday as Italy's senate has approved the economic reform plan, easing concerns about European debt crisis contagion. For the week, crude registered the third consecutive weekly gains. Italy and Greece seemed to be making progress in establishing new government and pushing through reform plans. After Prime Minister Silvio Berlusconi announced resignation, Italian Senate approved on Friday a new budget law, clearing the way for its passage in the lower house on Saturday and the establishment of an interim government. In Athens, the newly-designated Prime Minister Lucas Papademos planned to name an emergency cabinet on Friday, which was also aimed at rolling out austerity plans. All these progresses generated upbeating sentiment across the markets. Besides, according to the Thomson Reuters/University of Michigan's preliminary reading, U.S. consumer sentiment soared to its highest level in five months in early November, indicating American's increasing optimism about the economic outlook. And Iran, the current president country of OPEC was planning to ask all the member countries to return output to their levels before the Libya's unrest. The request ahead OPEC's December meeting would pose pressure on world oil supply. Light, sweet crude for December delivery gained 1.21 dollars, or 1.24 percent to settle at 98.99 dollars a barrel on the New York Mercantile Exchange. For this week, it rose 4.73 dollars, or 5.02 percent. In London, Brent crude for December delivery climbed 45 cents, or 0.40 percent to close at 114.16 dollars a barrel. For this week, it ended 2.19 dollars higher, or 1.96 percent. It was also its third straight weekly gain.