21 Feb '12, 9pm

Oil prices soar on Greece bailout deal

Oil prices soar on Greece bailout deal

NEW YORK: Oil prices soared on Tuesday, with the New York futures contract hitting a nine-month high, after the European Union and Greece agreed a second bailout package to avert the country's looming debt default. New York's main contract, light sweet crude for March delivery, closed at $105.50 a barrel its highest level since May 4. The benchmark West Texas Intermediate contract gained a whopping $2.26 from Friday's closing level. US markets were closed on Monday for a public holiday. In London, Brent North Sea crude for delivery in April settled at $121.66 a barrel, up $1.61 from Monday. The market "is up very, very nicely," said Bart Melek at TD Securities. "A big, big part of that is the deal in Greece. The risk appetite is higher," he added. Rich Ilczyszyn, an analyst at ITrader, said the market surge has established a new price range for oil. "I suspect now that the...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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