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Oil was mixed in the Asian trade today as lingering uncertainty over Greece’s debt crisis tempered support from a rebound in US stocks.
New York’s main contract, West Texas Intermediate light sweet crude for July delivery, rose 21 cents to $93.47 a barrel, while Brent North Sea crude for delivery in August eased eight cents to $111.61.
Phillip Futures said in a report that a late-session bounce on Wall Street helped push oil higher, but added that “the gain was capped as there is continued uncertainty on how the Greek debt crisis could be resolved.”
Europe gave Greece a two-week deadline yesterday to drive through painful new austerity measures in order to gain access to emergency funds needed to avert a default.
They did so to allow the Prime Minister Mr George Papandreou’s government time to win a confidence vote called for today, and again mobilise a wafer-thin majority on June 28 to steer the austerity cuts into legislation.
As Greek citizens faced strikes and power cuts, euro zone governments decided to meet again on July 3 to decide on emergency cash and work out the details of a second bailout worth more than €100 billion ($156 billion).
The International Monetary Fund has warned decisive action was needed to prevent the crisis from spreading throughout the 17-nation euro zone and beyond.
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