29 June 2011 10:35 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures rose on Wednesday, with ICE Brent gaining more than $1/bbl (€0.70/bbl) at one stage, on easing worries over Greek debts, aided by a weakening of the US dollar and a larger-than-expected fall in US crude stocks.
At 09:04 GMT, August Brent on ?xml:namespace>
August NYMEX light sweet crude futures were trading at $93.47/bbl, up by 58 cents/bbl from the previous close. Earlier, the
Crude prices continued to strengthen, after rising by more than $2/bbl on Tuesday, buoyed by falling US dollar against leading currencies. A softer dollar makes dollar-denominated commodities, like crude, more attractive to international investors.
Meanwhile, the euro was gaining on expectations that the embattled Greek government will be able to pass its fiscal austerity plan through parliament.
Release of €12bn funds – the fifth tranche of bailout package from the European Union (EU) and the International Monetary Fund (IMF) – to
Crude gains were also supported by
($1 = €0.70)
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