Crude gains $1/bbl on weak US dollar, Greece bail-out hopes

31 May 2011 10:49  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1/bbl on Tuesday as the euro gained ground against the US dollar on expectations that a financial aid package would be agreed for Greece.

By 09:20 GMT, July Brent crude was trading at around $116.10/bbl, having earlier hit a high of $116.33/bbl, a gain of $1.65/bbl from the previous close of $114.68/bbl.

At the same time, July NYMEX light sweet crude futures were trading around $102/bbl, having hit a high of $102.13, a gain of $1.54 from the previous close.

Concerns surrounding the debt crisis in the eurozone were heightened after Greece’s credit rating was cut to B-plus last week.

Read Paul Hodges’ Chemicals and the Economy blog

By: Neha Popat
+44 208 652 3214

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