04 Jul '11, 3am

Oil higer as Greece avoids default

SINGAPORE: Oil was higher in Asian trade Monday after eurozone finance ministers cleared the way for debt-hit Greece to receive 12 billion euros by mid-July, analysts said. In morning trade, New York's main contract, West Texas Intermediate for August delivery, rose 20 cents to $95.14 a barrel and Brent North Sea crude for August added 19 cents to $111.96. A key factor supporting oil prices is the "confirmation that Greece will get the batch of bailout money from the eurozone," said Victor Shum, a Singapore-based analyst with Purvin and Gertz energy consultancy. "That has eased concerns about Greece sinking the European region into a downturn," he told AFP. Eurozone finance ministers Saturday cleared the way for Athens to receive the next 12-billion-euro tranche of last year's 110-billion-euro ($160 billion) European Union-International Monetary Fund bailout. But the minis...

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

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Greece to get urgent EU aid to avoid default

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