NEW YORK: Oil climbed
after the Greek parliament’s approval of an austerity plan bolstered
chances for a solution to Europe’s debt crisis and on increasing concern
that Iranian crude supplies will be disrupted. Futures rose as much as
2%, the euro strengthened and the global equity market advanced after
passage of the package needed for 130 billion-euro ($172 billion ) in
aid.
Crude may extend gains after companies controlling more than 100
supertankers said they would stop loading cargoes from Iran, tightening
sanctions on OPEC’s second-biggest producer. “The approval of the Greek
austerity measures gave the euro a boost and sent equities higher,” said
Chris Dillman, an analyst and broker at Tradition Energy in Stamford,
Connecticut.