Crude gains $2/bbl on eurozone bank deal

29 June 2012 10:35  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $2.00/bbl on Friday to take Brent crude on ICE Futures above $93.00/bbl as global stock and commodity markets surged after a plan to tackle the eurozone debt crisis was agreed by European  leaders.

The plan includes the creation of a single supervisory body for eurozone banks and a scheme to recapitalise banks without adding to government debt.

By 09:15 GMT, August Brent crude had hit a high of $93.57/bbl, a gain of $2.21/bbl from Thursday’s close of $91.36/bbl, before easing back to around $93.30/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $79.60/bbl, having hit a high of $79.95/bbl, a gain of $2.26/bbl from the previous close of $77.69/bbl.

By: Tony Dillon
+44 20 8652 3214

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