Traders ponder Europe, OPEC, as crude oil price charts fluctuate to little effect

Crude oil prices remain unchanged for the most part as the better half of the day’s trading wound down amid lingering investor concern that the new fiscal union formed by the leaders of the euro zone would still be unable to tame the region’s rapidly deteriorating debt crisis. Persistent trader worry over Europe and its prolonged struggle with debt countered the effect OPEC’s planned output cuts had on the crude oil price chart. The prolific oil group’s key members discussed reining in its production quotas in order to make room for the flourishing crude oil industries in Libya and Iraq.

In Europe, Britain remained the sole holdout for the new fiscal union announced by the region, and was therefore isolated from further proceedings. The coalition government between the UK and Europe is now in danger of being dissolved. There are long-standing disputes between the two sides, with Britain repeatedly coming under heavy criticism for its expectations of being included in key decision-making processed without ceding to the euro as its primary currency.

Crude oil prices are now poised to make a small comeback up the charts, with some analysts predicting that the fuel commodity will rise as high as $102 per barrel before the year’s end. Nevertheless, though Europe’s new plan of attack regarding its debt seems to be infusing the energy sector with hope, the region’s previous resolution measures failed to maintain enthusiasm in the long run. There are already some who are questioning the realistic effectiveness that the severe austerity will have on crude oil price charts in the year 2012, as tighter spending habits could cripple demand once winter heating comes to a close.

West Texas Intermediate crude oil futures for delivery in January currently sit at $99.31 per barrel on the New York Mercantile Exchange, while Brent crude oil prices for January settlement stand at $108.44 per barrel in London.