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Crude Advances on Bailout for Greece, Can It Keep Gains?

November 27, 2012 at 4:24 by Vladimir Vyun

Crude oil rose today as European finance ministers reached an agreement about a bailout for Greece. The eurozone finance chiefs were discussing the matter for more than 12 hours and reached a compromise at last. The European Union is one of the world’s largest oil consumers, contributing 16 percent to global consumption last year.

Expected growth of US inventories may trim gains of crude. Analysts predict that the government data will show an increase of US oil stockpiles by 400,000 barrels last week. Fears of the US fiscal cliff may also hurt the commodity.

January futures for delivery of WTI crude oil climbed $0.23 (0.26 percent) to $87.97 per barrel as of 4:16 GMT on NYMEX today. January contract for Brent crude advanced $0.13 (0.12 percent) to $111.05 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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