By Sara Sjolin
NEW YORK (MarketWatch) -- Benchmark Nymex crude oil for August delivery CL1Q +0.90% rose as much as 1.3%, or $1.16, to $94.10 a barrel Wednesday, on confidence that the Greek parliament would approve unpopular fiscal austerity measures to solve the country's debt crisis. Analysts from Commerzbank said in a note that the outcome of the Greek vote is already calculated in the increase in oil prices and they are unlikely to rise further in case of a positive vote. If crude-oil prices settle at or above $95 a barrel, it suggests "that we will get to $100 again," Jay Levine, technical analyst with Enerjay, said. Further, the oil market does not want to stay short over the holiday weekend, which could cause a rally in prices this week, he added. On Wednesday a majority of Greek lawmakers voted in favor of the 78 billion euro package of additional austerity measures and asset sales.
