|News||Crude gains as EU reaches deal on Greece|
|Analysis||Crude rose this morning after dollar receded from higher confidence levels in Asia regarding improving demand levels on crude.|
The euro versus dollar's ascend was witnessed after the EU summit reached a decision for offering debt ridden Greece assistance. The plan contains of a mixture of European loans and the IMF. This news supported oil prices to stabilize above $80 per barrel.
Meanwhile, OPEC agreed to increase oil shipments to the Asian continent throughout the month ending April 10th. This increase comes after demand levels on black gold showed improvement from Asian countries, with expectations of rapid growth pace specifically in China and India.
The S&P GSCI index closed yesterday at 515.11 after receding by 1.71; whereas the RJ/CRB commodity index also dropped by 1.62 to close around 267.86.
In NYMEX as of 03:30 EST; heating oil futures gained to record $208.050 per gallon by $1.120; motor gasoline is trading around $222.760 per gallon after rising by $0.990; whereas natural gas plunged by $0.002 to record $3.979 per 1000 cubic feet. In London, Brent rose by $0.470 to record $80.080.
Crude opened today around $80.15 per barrel recording its highest around $81.15 and lowest by $80.15 per barrel, where it is currently trading around $81.00 per barrel.