Loading...
See More

Oil slippery on Greece debt hopes

Jun 29 2011 10:32 AFP

Related Articles

Oil rebounds in Asian trade

Oil above $91 after reserves news

Oil prices extend losses

Oil prices slump after shock release

Oil slides sharply on global gloom

Oil mixed as investors eye Fed

 

Singapore - Oil was mixed in afternoon Asian trade on Wednesday amid hopes Greece would avert a default on its massive debt and data showing stronger US energy demand.

New York's main contract, West Texas Intermediate for delivery in August, was down six cents at $92.83 a barrel after rising $2.28 on Tuesday.

Brent North Sea crude also for August climbed one cent to $108.79 after leaping $2.79 the day before.

Despite a general strike and street protests, traders were hopeful that the Greek parliament would on Wednesday pass the tough measures required under an International Monetary Fund-European Union bailout.

"The market is cautiously optimistic that the Greek parliament will approve... (an) austerity package to secure the next tranche of EU-IMF aid to avoid a default on its debt," DBS Bank said in a market commentary.

As police battled with anti-cuts protesters in Athens, EU president Herman Van Rompuy urged the parliament - where Prime Minister George Papandreou has a five-seat majority - to take a decision "crucial for the Greek people, but also for the eurozone and the stability of the world economy."

Other EU officials sent out similar messages, while newly appointed IMF chief Christine Lagarde called on the Greek opposition "to join in national unity."

"The country's destiny is at stake," Lagarde said in a French television interview. "I think that at this moment they need to put aside their major political differences."

Phillip Futures said in Singapore that data released by the American Petroleum Institute (API) showing a drop in US energy stocks is also supportive of prices.

Crude oil stocks fell 2.7 million barrels in the week to June 24, bigger than analysts' forecast for a drawdown of 1.4 million barrels.

A thinning of crude stocks indicates stronger demand in the United States, the world's biggest economy and its largest oil-consuming nation.

christine lagarde  |  greece  |  commodities  |  markets  |  oil
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

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