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.
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.