FX:Oil bounces off 4-month lows on Greece deal optimism
FXstreet.com (Córdoba) - Crude oil extended its fall on Friday, hitting the lowest price since February 22 on mounting risk aversion amid Greece debt woes. However, the black gold managed to trim part of the recent losses during the European session after German Chancellor Angela Merkel and French President Sarkozy pledged to a quick solution to the impasse over a new aid package for Greece.
After slumping toward a 4-month low at $92.12 a barrel, crude in New York for July delivery rebounded and rose around $2.25 to $94.50 per barrel, where it holds at time of writing, 0.56% below its opening price.
Crude is headed to post the third consecutive weekly decline, and the biggest in 6 weeks. In London, Brent oil for August delivery is down $0.56 or 0.49% at $113.55 a barrel.
