BLBG: Crude Oil Rises for an Eighth Day in London on Euro Optimism, Cold Snap
Oil rose, extending earlier gains in New York, after Greek politicians were said to have reached a deal on austerity measures and a U.S. report showed initial jobless claims unexpectedly declined last week.
Crude advanced as much as 1.2 percent in New York as the euro strengthened against the dollar. A Greek government official said the office of Prime Minister Lucas Papademos would make an announcement shortly.
“The risk of falling down to deep recession is starting to decrease,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo. “The news about Greece together with more positive signs on the U.S. economy has boosted the outlook for oil demand.”
Oil for March delivery on the New York Mercantile Exchange rose as much as $1.19 to $99.90 a barrel and was at $99.47 at 1:34 p.m. London time.
To contact the reporter on this story: John Buckley in Amsterdam at johnbuckley@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
