Bourse

Home page

Bourse

Oil prices stand above $75

12 February 2010 09:01 (UTC +04:00)

Baku â€“ APA-Economics. Oil eased to just above $75 a barrel on Friday, pressured by a firmer U.S. dollar on growing disappointment among investors over the lack of details from the European Union summit to help debt-laden Greece, Reuters reports.

European leaders sought to prop up Greece with words of support at a summit on Thursday, but failed to offer concrete proposals to help the country tackle its debt crisis, prompting a negative market reaction.

U.S. crude for March delivery fell 25 cents to $75.03 a barrel by 0620 GMT (1:49 a.m. EST), after settling 76 cents higher at $75.28 a barrel on Thursday. London Brent crude for the new front month of April fell 28 cents to $73.84.

Despite Fridayâ€™s dip, oil is on track for a 5.4 percent rise this week, its best weekly gain in six weeks, led by signs of higher heating demand due to U.S. snowstorms, a bullish global oil demand forecast from the U.S. Energy Information Administration (EIA) and initial hopes over the Greek bailout.

A deal to provide financial aid to Greece to stave off a broader crisis in the 16-nation bloc would be unprecedented, riding roughshod through rules forbidding a bailout.

But the rhetorical promises of support were not enough to satisfy financial markets, which are looking for specifics on how Athens may be helped out of its debt and deficit spiral.