Date: Tuesday 22 May 2012
Crude oil futures broke six days of consecutive losses on Monday as equity markets picked up and concern about Greece exiting the Eurozone faded a little.
Oil prices tracked sharp gains on Wall Street following G-8 talks over the weekend that reaffirmed hopes that Greece should remain in a part of the single-currency bloc.
In a joint communiqué after the G8 meeting, leaders said they agree on the importance of a strong and cohesive Eurozone for global stability and recovery and affirmed its interest in Greece remaining in the Eurozone while respecting its commitments.
Meanwhile, weekend poll results showed Greece's conservatives had gained ground, giving hope the country could vote in a government that wants to meet the terms needed for the next tranche of its EU/IMF bailout package.
Crude for June delivery settled $1.09 higher at $92.57 a barrel on the New York Mercantile Exchange.
The weaker dollar and upcoming talks between Iran, China, the EU, Russia and the US about Iran’s nuclear programme also fuelled interest in oil.
On the ICE futures exchange Brent crude settled up $1.67 at $108.81 a barrel.
Among precious metals gold endured a volatile session, chasing gains and losses for most of the session, as investors weighed up rising stocks markets and the weaker dollar against persistent uncertainty about Eurozone.
Gold for June delivery dropped $3.20 to $1,588.70 an ounce on the Comex division of the New York Mercantile Exchange.
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