Crude oil futures steady as EU freezes emissions laws
City Index November 12, 2012 10:15 PM
<p>Oil futures are steady in trading following news the EU will be suspending its emissions laws for airlines.</p>
Brent Crude Oil Futures are steady in commodities trading this afternoon (November 12th) following news the European Commission is freezing its emissions law for airlines.
The European Union is putting its rule on hold that all such companies must pay for their emissions on flights to and from Europe.
This law had been unpopular with China, India and the US and the suspension is due to progress being made in negotiations on a global emissions agreement.
Climate commissioner Connie Hedegaard added, however, that if the Civil Aviation Organization has not made progress towards a global deal in 12 months the European tax would be brought back.
"Nobody wants an international framework tackling CO2-emissions from aviation more than we do," she added,
At 16:30 GMT, Brent Crude Oil Futures were higher by 0.1 per cent to $109.53 per barrel, but West Texas Intermediate Crude Oil Futures slipped by 0.2 per cent to $85.94 per barrel.
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