Oil at its highest level in four days over Greek optimism


The price of oil was at its highest level in four days with the markets feeling more positive that the Greek government will win a vote on its austerity package today.

Crude for August delivery was up to $92.89 a barrel in New York yesterday, the highest settlement since 22 June, with speculation that US oil stockpiles being down for the fourth week in a row also helping to push the price up.


The ICE Future Europe Exchange in London was up just 2 cents to $108.80 a barrel for August delivery.

National Australia Bank minerals and energy economist Ben Westmore said: “It’s very much a market that’s waiting for more information around the European situation. It still seems to be a major determinant of movements in these markets.”

The Greek Parliament will be voting on its austerity measures this morning.