Oil Market Rebounds on Greek Debt Agreement

27 June 2011 (Last Updated June 27th, 2011 18:30)

US crude climbed to $90.97 a barrel after French banks proposed to rollover Greek debt, resulting in a stronger euro and decreasing concerns about the Greek debt crisis. US crude rose by 36¢ to stand at $90.97 barrel, while ICE Brent crude for August gained 25¢ to $106.24 a b

US crude climbed to $90.97 a barrel after French banks proposed to rollover Greek debt, resulting in a stronger euro and decreasing concerns about the Greek debt crisis.

US crude rose by 36¢ to stand at $90.97 barrel, while ICE Brent crude for August gained 25¢ to $106.24 a barrel.

France President Nicolas Sarkozy said that French banks had reached a draft agreement with authorities about a voluntary rollover of maturing bonds, as markets waited for the outcome of a vote in Greece to approve unpopular fiscal austerity measures, reports Reuters.