Crude oil (NYSE:USO) futures for September delivery climbed as high as $100.16 Thursday after EU leaders agreed on a Greek aid plan that would allow the European Financial Stability Facility to buy Greek bonds on the secondary market while extending the maturity of loans and lowering interest rates.
While it was decided last month that Greece would receive a second aid package, the European Central Bank and foreign leaders have been debating about how to go about it until now. The news not only buoyed oil prices, but boosted the euro, which pushed down the U.S. dollar.
The U.S. also received positive news today that gave oil (NYSE:OIL) a boost. This morning the Conference Board announced that its index of leading economic indicators grew 0.3% in June, and they expect economic activity to continue to expand in the next few months. Also driving up oil prices, the IEA has said that it won’t be releasing more emergency crude reserves. The IEA maintains that the initial release of 60 million barrels served its purpose in adding liquidity to the market and bridging OPEC’s supply gap.
While many other energy products also registered gains, some notable exceptions are gasoline and natural-gas futures. Gasoline (NYSE:UGA) for August contract fell 0.5% to $3.13 a gallon while August contract natural gas fell 0.7% to $4.44 per million British thermal units, or Btus.