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Oil rises on Greece deal, job data

02-10-2012 09:08 BJT

NEW YORK, Feb. 9 (Xinhua) -- Crude prices rose on Thursday as Greece reached austerity deal for receiving international rescue fund and U.S. job data beat estimates.

Athens announced an agreement on reforms requested by its international lenders to avoid chaotic debt default. And the European Central Bank decided to hold the benchmark interest rate unchanged at 1 percent and said the economic outlook in the continent had improved.

The euro got dynamic and hit its two-month high against the dollar. A weaker dollar made crude oil more attractive to investors.

In U.S., according to a government report, the initial jobless claims declined further by 9,000 last week to 358,000, less than analysts' expectation, providing more supports to crude prices.

And the continuing cold weather in Europe and unstability in the Middle East kept lifting crude prices.

But Organization of Petroleum Exporting Countries released a report on Thursday, reducing its global oil demand growth this year by 120,000 barrels per day, citing the euro zone's debt troubles and higher retail prices.

Light, sweet crude for March delivery gained 1.13 dollars, or 1. 15 percent to settle at 99.84 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude also rose 1.39 dollars, or 1.19 percent to 118.59 dollars a barrel, the highest level since August.

Editor:Zhang Rui |Source: Xinhua

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