Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

Oil jumps after Greek austerity deal

Feb 13 2012 09:00 AFP

Related Articles

Oil dips on Greek debt concerns

Stocks, oil up as Greek bailout deal nears

Oil higher on hopes of stronger demand

Brent at 6-month high on Iran, cold snap

Oil prices lower in Asian trade

Crude prices higher

 

Top Stories

Cell C move sparks price war

May 27 2012 11:21

There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.

MyCiti buses running at a loss

May 28 2012 07:53

The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.

Another golf estate victim

May 27 2012 13:09

The oversupply of golf estates has claimed another victim.

 
Share Share line Print

Singapore - Crude prices rose in Asia on Monday as markets cheered Greece's approval of harsh austerity measures demanded by international creditors in return for a second bailout package, analysts said.

New York's main contract, light sweet crude for delivery in March, was up 84 cents to $99.51 a barrel in afternoon trade. Brent North Sea crude for March delivery added 95c to $118.26.

Oil traders breathed a sigh of relief after Greek lawmakers Sunday pushed through a new round of drastic austerity measures despite massive public protests that left dozens injured and buildings ablaze, analysts said.

"I think this is the key reason that sentiment has turned positive over the weekend," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.

Greek Finance Minister Evangelos Venizelos told parliament it had to back the plan to unlock a €130bn rescue fund from the EU and the International Monetary Fund, or Greece would be forced to default.

The vote, while a key hurdle, will not in itself release the funds. Eurozone finance ministers are set to meet on Wednesday in Brussels to discuss the next steps.

Justin Harper, head of research at IG Markets Singapore, said there are still risks ahead.

"Greece will see its economy shrink as a result of these cutbacks. The danger is that with so many continental neighbours in the same boat, Europe will tip into recession which is bad news for the global economy," he said.

 
 
Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
It pays to know the cost and what you’re getting in return
May 28 2012 09:33

Investors may not have a clue what they’re paying their money managers or they type of service they’re getting, or, whether they can actually negotiate lower fees. (Reuters)

Sasha

"In the short term this is true, Greece will dominate the headlines on a day to day basis, until their next elections when there would be some clarity to answer the question, "What next for Greece?" Amazingly everyone except the politicians seem to be lining themselves up for worst case scenario, b... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...