The price of oil should be more stable this week now that the European Union has agreed to pay the first €12 billion (£10.8 billion) tranche of its €110 billion bailout for Greece.
Governments in the eurozone, agreed on Saturday to pay the cash to Greece, subject to IMF approval and set September as the new deadline for completing a second bailout package for the country.
Newedge Japan trader Yusuke Seta told the Wall Street Journal: “The oil markets will be unexciting this week, but they should be more stable after the agreement on Greece and hopefully this will help the currency markets, especially EUR/USD.”
Oil prices for August were up $0.23 this morning at 6:46am GMT in electronic trading in New York to $95.33. However, trading volumes in New York will be down today due to the Independence Day holiday in the United States.