Geo Business

Crude rises on brighter Greek outlook, weaker dollar

SINGAPORE: U.S. crude oil rose above $91a barrel on Tuesday as the euro rallied against the dollar on increasing confidence the Greek parliament will approve a fiscal austerity package. FUNDAMENTALS NYMEX crude for August climbed 50 cents to $91.11by 0015 GMT, erasing nearly all of the losses from the previous session. Brent crude rose 64 cents to $106.63 a barrel. U.S. crude oil inventories fell last week as refinery demand remained high and imports likely leveled off after a steep climb the week before, a preliminary poll ahead of weekly stockpile reports showed Monday. France offered a radical solution for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy. The euro rose against the dollar on optimism the euro zone member would be able to avoid a default on its debt. The news on Greece helped offset worries about the sluggish global economy, slower growth in China, and last week's decision by oil-consuming nations to release emergency oil reserves. OPEC's Secretary General said the IEA should immediately halt its order to release emergency oil stocks. (Reuters)