Oil prices hover above $86 in Asia

Oil prices ranged above $86 per barrel in Asian trade early Friday over anticipation of a plan to resolve the Euro debt crisis following weekend meeting of decision-makers in Europe. Benchmark crude for December delivery was up 17 cents at $86.24 a barrel around midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 22 cents to settle at $86.07 in New York on Thursday, according to reports. Brent crude was up 14 cents at $109.90 a barrel on the ICE Futures Exchange in London. Key leaders meet this Sunday to find acceptable solution to the crisis. However, differences this week between Germany and France on the plans to safeguard banks in Europe from the fallout of probable default by Greece. Some market observers felt European governments may pump in 940 billion euros (US $1.3 trillion) to fight the debt crisis. Crude has traded between $85 and $89 for the better of this week as traders await details of Europe''s debt plan. Analysts were also mulling the impact of the death of former Libyan leader Muammar Gadhafi on the OPEC nation’s oil production and exports, another agency report said Friday. Libya''s National Oil Corporation expects crude output to return to normal level soon. (QNA) SSS/MD