Crude prices rose on Thursday as
Greece reached austerity deal for receiving international rescue
fund and U.S. job data beat estimates.
Athens announced an agreement on reforms requested by its
international lenders to avoid chaotic debt default. And the
European Central Bank decided to hold the benchmark interest rate
unchanged at 1 percent and said the economic outlook in the
continent had improved.
The euro got dynamic and hit its two-month high against the
dollar. A weaker dollar made crude oil more attractive to investors.
In U.S., according to a government report, the initial jobless
claims declined further by 9,000 last week to 358,000, less than
analysts' expectation, providing more supports to crude prices.
And the continuing cold weather in Europe and unstability in the
Middle East kept lifting crude prices.
But Organization of Petroleum Exporting Countries released a
report on Thursday, reducing its global oil demand growth this year
by 120,000 barrels per day, citing the euro zone's debt troubles and
higher retail prices.
Light, sweet crude for March delivery gained $1.13, or 1.
15 percent to settle at $99.84 a barrel on the New York
Mercantile Exchange. In London, Brent crude rose $1.39,
or 1.19 percent to $118.59 a barrel, the highest level since
August.
