INQUIRER.net: Oil prices up in Asia on Cyprus bailout deal

INQUIRER.net Philippine News for Filipinos

Oil prices up in Asia on Cyprus bailout deal Mar 25th 2013, 03:14 SINGAPORE – Oil prices rose in Asian trade Monday after Cyprus and its international creditors struck a 10-billion-euro bailout deal, averting a collapse of the country's banking system. New York's main contract, light sweet crude for delivery in May added 42 cents to $94.13 a barrel and Brent North Sea crude for May delivery increased 44 cents to $108.10 in mid-morning trade. "The oil market is reacting positively to news that Cyprus has reached a deal," said Victor Shum, managing director at IHS Purvin and Gertz in Singapore. "There is now more clarity to the events in Cyprus," he told AFP. European Union and International Monetary Fund Monday struck a last-minute deal with ... Keep on reading: Oil prices up in Asia on Cyprus bailout deal Media files: asian-Markets-Japan2.jpg (image/jpeg)

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