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NYMEX crude down in early Asia as volatile week nears close

Published 02/12/2015, 07:22 PM
Updated 02/12/2015, 07:25 PM
© Reuters. NYMEX crude down in Asia

Investing.com - Crude oil prices dipped slightly as a volatile week heads to a close in Asia on Friday.

On the New York Mercantile Exchange, crude oil for delivery in March fell 0.13% to $51.15 a barrel.

Overnight, West Texas Intermediate oil futures rallied sharply on Thursday, as a broadly weaker U.S. dollar lured investors
back to the market.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery tacked on $1.86, or 3.86%, to trade at $57.79 a barrel Thursday.

Russian President Vladimir Putin confirmed that a cease fire deal with Ukraine starting February 15 had been reached, following months of violence.

The leaders of France and Germany helped broker the deal after nearly 12 hours of all-night peace talks.

Market sentiment remained subdued after talks between Greece and European Union officials ended without an agreement, though both sides said there was still hope for a deal. Further talks are due to be held next Monday.

Greece’s current bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.

Athens has proposed an overhaul of 30% of its massive bailout deal, replacing it with a 10 point plan of economic reforms.

However, Greece’s creditors in the EU are insisting that the country must stick to the terms of the original bailout agreement.

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