November 27, 2012 / 1:17 AM / 5 years ago

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

(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)

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