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Oil futures rise on hopes for Greek debt deal

Published 22/06/2015, 08:56
© Reuters. Crude oil gains on Greek debt deal hopes
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Investing.com - Crude oil futures rose on Monday, amid hopes that a deal on Greece's debt was within sight after Athens submitted a new package of economic reforms on Sunday night in a last ditch effort to avert a default.

On the ICE Futures Exchange in London, Brent oil for August delivery jumped 44 cents, or 0.7%, to trade at $63.46 a barrel during European morning hours. On Friday, Brent futures hit $62.34, the weakest level since June 5, before closing at $63.02, down $1.24, or 1.93%.

Elsewhere, on the New York Mercantile Exchange, crude oil for August delivery tacked on 48 cents, or 0.81%, to trade at $60.45 a barrel. Nymex oil slumped 85 cents, or 1.4%, on Friday to end at $59.97.

The spread between the Brent and the WTI crude contracts stood at $3.01 a barrel, compared to $3.05 by close of trade on Friday.

Risk sentiment improved after Greece submitted a new package of economic reforms on Sunday night, indicating that it is prepared to make concessions to break a deadlock to unlock €7.2 billion in funds.

European leaders are to hold emergency talks in Brussels on Monday about Greece’s bailout agreement, which is due to expire on June 30.

Ahead of the summit, Greek Prime Minister Alexis Tsipras was to hold talks with representatives from the International Monetary Fund, the European Central Bank and the eurogroup of finance ministers.

Greece’s existing bailout is set to expire at the end of this month, when it must also repay €1.6 billion to the IMF. A default by Greece could trigger the country’s exit from the euro zone.

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