Investing.com - Crude oil futures were higher on Tuesday, as optimism following news of bailout deal for Cyprus continued to support sentiment, although comments by Eurogroup head Jeroen Dijsselbloem limited gains.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD94.98 a barrel during European morning trade, up 0.18%.
Dijsselbloem said on Monday that the rescue program agreed for Cyprus represents a new model for resolving euro zone banking problems and other countries may have to restructure their banking sectors.
He later appeared to backtrack, saying Cyprus was a specific case with exceptional challenges.
Early Monday, euro zone finance ministers rubber stamped a EUR10 billion international bailout for Cyprus that will see the closure of the country’s second largest lender Laiki Bank and inflict heavy losses deposits of more than EUR100,000.
The country’s largest bank, Bank of Cyprus is also to be restructured, with depositors there taking a large haircut.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery slipped 0.39% to trade at USD107.75 a barrel, with the spread between the Brent and crude contracts standing at USD12.77 a barrel.
