Tuesday, February 17, 2015

Oil Prices Rising, Brent Crude Now Selling for Over $62 a Barrel

Brent crude has climbed to $62 per barrel in Asian trade on February 17, despite growing uncertainty regarding the Eurozone's future which has been caused by the recent failure in Greece's debt negotiations.

On the New York Mercantile Exchange, light crude futures for March delivery were traded at $53.16 per barrel, while on London’s ICE Futures exchange Brent crude for April delivery mounted by $0.70/1.1% reaching $62.10 a barrel.

Meanwhile the talks over a new financing deal for Greece broke down Monday, sparking controversy between Athens and its creditors. 

A growing uncertainty regarding the economic prospects of Greece within the bloc is predictably undermining the euro. 

In contrast, the US dollar is strengthening steadily. Experts note that the trend is likely to sour oil-market sentiments; however, Brent crude has beaten its second-highest record since the beginning of the year.

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