REFILE-NYMEX-Crude firms towards $88 after Greek debt deal

Tue Nov 27, 2012 6:47am IST

(Corrects date to Nov 27)

SINGAPORE Nov 27 (Reuters) - U.S. crude futures edged up on Tuesday, closing in on $88 a barrel after euro zone finance ministers and the International Monetary Fund agreed a new debt target for Greece, calming the immediate fears of investors and boosting the euro.

FUNDAMENTALS

* U.S. crude for January delivery rose 12 cents to $87.86 a barrel by 0022 GMT.

* Euro zone finance ministers and the International Monetary Fund clinched agreement on a new debt target for Greece on Monday in a breakthrough towards releasing an urgently needed tranche of loans to the near-bankrupt economy, officials said.

* Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country's fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek.

* Egypt's ruling Islamists tried to defuse a political crisis on Monday, with President Mohamed Mursi backing a compromise over his seizure of extended powers and his Muslim Brotherhood calling off a planned demonstration.

MARKETS NEWS

The euro hit a one-month high in early Asian trade on Tuesday after officials said global lenders reached a deal on new debt targets for Greece, key to freeing up the next installment of emergency aid.

DATA/EVENTS (GMT)

0700 Germany Import prices Oct

0745 France Consumer confidence Nov

1245 U.S. ICSC weekly chain store sales

1330 U.S. Durable goods orders Oct

1330 U.S. Chicago Fed Midwest Manufacturing Oct

1400 U.S. CaseShiller home price index Sep

1500 U.S. Consumer confidence Nov

2130 U.S. API weekly crude stocks (Reporting by Luke Pachymuthu; Editing by Ed Davies)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

Monsoon Season

Monsoon Season

India's 2014 monsoon ends with double-digit rain deficit .  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

New 'Windows'

New 'Windows'

Microsoft names next operating system 'Windows 10'.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage