Oil at its highest level in four days over Greek optimism

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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.

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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.