June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

Crude oil higher on payroll anticipation, Greece hopes

Published 03/09/2012, 08:05 AM
Updated 03/09/2012, 08:08 AM
LCO
-
CL
-
OPIN
-
Investing.com - Crude oil futures climbed higher Friday on the likely Greek debt swap deal as well as U.S. payroll number anticipation, fuelling growth hopes in the world’s largest economy.

On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD106.88 a barrel during early U.S. morning trade, gaining 0.28%.

Prices hit a high of USD107.32 and a low of USD106.57 during the session.

Oil bullish sentiment ran high on the likely Greek debt swap deal.
Greece revealed that 95.7% of bondholders cooperated in its debt swap deal, but only after it used an option to force participation.

Holders tendered EUR152 billion of Greek law bonds representing 85.8% in response to the offer to swap their holdings.

The International Swap and Derivative Association determination committee will meet at 1 p.m. London time to determine if a credit event has occurred in Greece.

In addition, euro zone finance ministers will meet at the same time to clarify if the swap was successful enough to warrant the EUR130 billion rescue package for the island nation.

In additional oil bullish news, anticipation is running high for the non farm payroll figure released later in the session. Economists are expecting that the world’s largest economy added 210,000 jobs in February.

If the forecasts are met or beat, speculation is that the Federal Reserve will be less likely to start a third round of quantitative easing to put a ceiling on borrowing costs.

The organization of Petroleum Exporting Countries will reduce crude exports by 0.6% this month as seasonal refinery maintenance in Asia lowers demand.

In other news, western nations want sustained discussions with Iran to allow United Nations inspectors into its secret Parchin military installation, the UN’s five permanent Security Council members plus Germany stated.
 
Lessening Iranian tensions, Iran’s Supreme Leader Ayatollah Ali Khamenei said comments by President Obama that there is room for diplomacy in the international community’s standoff with the nation are “good words,” according to Iranian state television. Obama told reporters at the White House March 7 that there is a “window of opportunity where this can still be resolved diplomatically.”
 
Elsewhere, on the ICE Futures Exchange, Brent oil futures for April delivery fell 0.32% to trade at USD125.03 a barrel, with the spread between the Brent and crude contracts standing at USD18.15.

Brent futures have rallied in recent weeks, as geopolitical and production issues in Iran, the North Sea, South Sudan, Syria and Yemen have led to tighter supplies.



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.