LONDON: The prices of oil rose in Asian trade. The breakdown of negotiations about Greece’s debt failed to affect bullish trend in oil markets and the Brent crude reached $62 a barrel.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $53.16, up $0.42, or 0.8%, in the Globex electronic session. U.S. markets were closed on Monday for a holiday and there was no settlement for Nymex WTI crude.
Brent crude for April delivery rose $0.70, or 1.1%, to $62.10 a barrel on London’s ICE Futures exchange. Brent had lost 12 cents a barrel overnight, settling at its second-highest price level this year.
Talks among eurozone finance ministers over a new financing agreement for Greece broke down abruptly Monday, increasing the uncertainty about the country’s future inside the currency bloc and weakening the euro.
Any major currency movement that boosts the U.S. dollar tends to sour oil-market sentiment and weigh on demand and prices as oil is a dollar-denominated commodity. But oil has so far stuck to its latest rally with Brent up by over 30% since its January low.
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