Oil Advances With Euro, Equities Before Greek Confidence Vote
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Oil edged up for a second day in New York on speculation that Greek Prime Minister George Papandreou will win a confidence vote today, moving the country a step closer to avoiding a default on its debt.
Futures climbed 14 cents and the euro rose against the dollar after European leaders said Greece can avoid a default. The weaker U.S. currency boosted commodities’ appeal as an alternative investment. Oil briefly fell after the International Energy Agency said Saudi Arabian oil production may be rising.