Crude futures up by more than $2/bbl on Spain's bailout package

11 June 2012 04:28  [Source: ICIS news]

SINGAPORE (ICIS)--Crude prices rose by more than $2/bbl in early Asian trade on Monday on easing concerns about the eurozone debt crisis, after Spain secured up to €100bn ($125bn) bailout package for its banks.

At 02:34 GMT, July WTI was trading at $86.04, up $1.94/bbl from the previous close. Earlier, the US benchmark touched a session high of $86.64/bbl, up by $2.54/bbl.

Meanwhile, July Brent was trading at $101.60/bbl, an increase of $2.13/bbl from the previous settlement. Earlier, the North Sea benchmark reached a session high of $102.21, up by $2.74/bbl.

Eurozone finance ministers agreed on 9 June to provide Spain with funds to help shore up its banking system, making the country the largest eurozone economy to get aid, once approved.

The larger-than-expected bailout package boosted hopes that the eurozone is acting to remedy its debt crisis, which has weighed heavily on the global oil markets.

Spain is the fourth eurozone economy to seek financial assistance since the region’s debt crisis began. The other three are Greece, Ireland and Portugal.

 ($1 = €0.80)

By: Nurluqman Suratman

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