BLBG: Oil Falls With Ruble as Europe Stocks Rise on Greek Deal Outlook
(Bloomberg) -- The euro weakened and Greek stocks erased gains after Germany rejected a Greek proposal to extend its loan. Slumping oil prices damped demand for Russia’s ruble and increased the appeal of bonds.
The euro slid 0.3 percent to $1.1368 at 7:23 a.m. in New York. Greece’s ASE index dropped 1.1 percent. The Stoxx Europe 600 Index swung between gains and losses. Standard & Poor’s 500 Index futures lost 0.2 percent. West Texas Intermediate crude tumbled 3.5 percent to $50.31 a barrel. Treasuries gained with U.K. gilts and German bunds. The ruble fell for the first time in five days.
Greece’s letter doesn’t offer a substantive solution, Germany’s Finance Ministry said. Greek stocks and bonds gained earlier after the country submitted a request to extend the availability of bailout funds for six months and European Commission spokesman Margaritis Schinas said the request may pave the way for a “reasonable compromise” with creditors.
U.S. crude stockpiles probably rose for a sixth week to the highest in at least three decades, analysts in a Bloomberg survey said before an Energy Information Administration report. While oil has rebounded from a six-year low in January, some options traders are betting the gains won’t last.
To contact the reporters on this story: Nick Gentle in Hong Kong at ngentle2@bloomberg.net; Stephen Kirkland in London at skirkland@bloomberg.net
To contact the editors responsible for this story: Stephen Kirkland at skirkland@bloomberg.net; Stuart Wallace at swallace6@bloomberg.net Stuart Wallace
