2/21/2012 7:21 AM ET
(RTTNews) - The price of crude oil moved up near a 10-month high Tuesday morning as risk appetite improved after euro zone finance ministers gave a green signal to a second rescue package for Greece.
Light Sweet Crude Oil (WTI) futures for April delivery, the most actively traded contract, gained $1.37 to $104.61 a barrel. Last week, oil ended at a nine-month high, on some upbeat U.S. economic data and the possibility of a resolution to the Greek sovereign debt problem.
This morning, the U.S. dollar was leveling off from its one-week low versus the euro and paring recent losses against sterling. The buck was hovering near a 6-month high versus the yen and trading flat against the Swiss franc.
Earlier in the day, euro zone finance ministers reached an agreement over a second bailout worth EUR 130 billion for Greece.
During this week, traders focus will be on the National Association of Realtors' existing home sales data for January, the Commerce Department's new home sales report for January, the weekly jobless claims data and the final reading of the Reuters and University of Michigan's consumer sentiment survey for February.
Also, focus will be on the crude oil inventories data from the API, due out Wednesday after the market hours, and the EIA due out the subsequent day.
by RTT Staff Writer
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