Oil Climbs for Third Day on Greece Outlook, Iran Nuclear Tension: Report

By Midnight Trader,  May 28, 2012, 11:44:33 AM EDT

Oil advanced for a third day in New York on signs voters in Greece may back austerity measures needed for a European Union bailout, boosting confidence that the bloc's debt crisis can be contained.

Futures gained as much as 1.2% after Greece's New Democracy party, which supports the bailout plan agreed with international lenders, was placed first in six opinion polls. Crude has slipped 13% this month amid concern that Europe's turmoil will curb fuel demand. Prices climbed on May 25 after the United Nations said Iran boosted its output of enriched uranium. The nation faces an oil embargo starting July because of its nuclear program.

Crude for July delivery increased as much as $1.13 to $91.99 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.44 at 11:01 a.m. New York time. The contract rose 0.2% to $90.86 on May 25, the highest close since May 22. Prices are down 7.5% this year. There will be no floor trading in New York today because of the Memorial Day holiday.

Brent oil for July settlement was at $107.60 a barrel, up 77 cents, on the

London-based ICE Futures Europe exchange. Prices are down 9.9% this month. The European benchmark contract's premium to West Texas Intermediate was at $16.16 a barrel compared with $15.97 on May 25.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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