Oil Trades Near Two-Week High After EU Authorizes Loan to Greece
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Oil in New York traded near a two-week high after the European Union authorized a loan payout for Greece, easing speculation the country’s debt crisis will derail the region’s economic recovery.
Futures climbed as much as 0.6 percent after European finance ministers approved an 8.7 billion-euro ($12.6 billion) aid payment to Greece on July 2. Brent crude gained as much as 0.4 percent after Goldman Sachs Group Inc. said the “downside risk” to oil would be “reduced proportionately” as sales of stockpiles from members of the International Energy Agency might be less than announced.