18 June 2012 05:07 [Source: ICIS news]
By Nurluqman Suratman
At 02:52 GMT, August Brent crude on
July NYMEX light sweet crude futures (WTI) was trading at $84.83/bbl, up by 80 cents from the previous close. Earlier, the
Official results of the Greek election released by the Ministry of Interior showed that the conservative New Democracy party swept 29.7% of the votes, with Syriza getting 26.9% and the Pasok Socialists 12.3% in the 17 June election.
The New Democracy party will now seek to form a new pro-austerity coalition government with other parties. The new government will probably embrace the tough financial requirements set by its international lenders, easing worries of a near-term Greek exit from the eurozone.
Global crude prices have been under pressure from concerns that a Greek exit will cause further turmoil in the eurozone and worsen its debt crisis, dampening oil demand growth.
“Overall, the Greek election result, while welcome, does not imply that the Greek people are embracing the tough reforms tied to the bailout package,” said Singapore-based DBS Group Research.
“It merely meant that fear overruled anger. Put simply, the Greek people understood that if they voted to stay out of the euro, it would lead sharply to more pain in the immediate term,” it said.
The general consensus still remains that
“The road ahead is still a difficult one,” said Singapore-based UOB Economic-Treasury Research.
“Problems are certainly not solved and the issues of growth versus austerity; as well as the problems in both
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