KUALA LUMPUR, Malaysia - oil edged above US $95 per barrel Monday in Asia, reinforced by the news that the Greece was saved from almost collapse after obtaining a vital loan episode.
Reference crude for August delivery was up 23 cents at 95.23 to $ per barrel late afternoon in times of Kuala Lumpur in electronic commerce on the New York Mercantile Exchange. The contract shed 48 cents to settle at $94.94 Friday.
In London, Brent crude for August delivery was down 24 cents at 111.53 $ per barrel on the ice future exchange.
Ministers of the countries that use the common currency of the euro agreed this weekend to pay Athens a euro 12 billion ($17,39 billion) slice of its rescue package 110 billion euro existing before 15 July, in time to meet several deadlines for repayment of bond this month and the next. Europe and the Monetary Fund International will continue to support the faltering economy of the Greece in the years to come.
"That has eased concerns that the crisis of the debt of Greece will be negative impact on economic recovery in Europe," said Victor Shum, analyst with Council energy Purvin & Gertz in Singapore.
He also strengthened the euro and weakened the dollar, arguing the oil prices, he said. Crude is priced in U.S. dollars, so a weakening of the dollar makes it cheaper oil for investors with other currencies.
Shum said a report showing a rebound in U.S. manufacturing also raised hopes of strong economic growth in the more oil in the world consuming nation.
He said trade was thin because of the anniversary of the independence party at the United States but provides that the price of oil to increase gradually up to $100 per barrel if economic news remains positive.
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