Oil rises from one-week low

The Pak Banker - - Front Page -


Oil rose from the low­est level in al­most a week af­ter Euro­pean fi­nance min­is­ters reached an agree­ment on aid for Greece, eas­ing con­cern that the re­gion's debt cri­sis will de­rail re­cov­ery and curb fuel de­mand.

Fu­tures ad­vanced as much as 0.6 per­cent in New York af­ter end­ing 0.6 per­cent lower yes­ter­day. Min­is­ters agreed to help Greece man­age its debt bur­den in talks in Brus­sels that lasted 13 hours, a Euro­pean Union of­fi­cial said early to­day. It was the fourth round of dis­cus­sions by min­is­ters on the Greek cri­sis in two weeks. U.S. crude in­ven­to­ries prob­a­bly rose 500,000 bar­rels last week, ac­cord­ing to a Bloomberg News sur­vey of an­a­lysts be­fore an En­ergy De­part­ment report to­mor­row.

"The pos­i­tive out­come on Greece has al­ready been priced in," said An­drey Kryuchenkov, an an­a­lyst at VTB Cap­i­tal in Lon­don who pre­dicts Brent crude may slide to $110 a bar­rel this month.

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