US crude rises $2.28/bbl on rescue plan for Greek debt

28 June 2011 21:15  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for August delivery settled at $92.89/bbl, up $2.28, on Tuesday, tracking a surge in ICE Brent in response to European optimism regarding a rescue plan for Greece’s debt.

The euro shifted higher versus the dollar, triggering a round of buying across various commodities as well as across the energy complex.

Crude prices have been correcting upwards from a multi-dollar plunge following last week’s announcement by the International Energy Agency (IEA) that industrialised oil consumer nations will release 60m bbl of oil and refined products combined.

August crude rallied to $92.96/bbl, up $2.35 versus the previous close, before settling just off the top of the range.

ICE Brent for August delivery surged to $109.05, before settling at $108.78/bbl, up $2.79.

By: Ignacio Sotolongo
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