In Asia on Friday, oil prices oscillated beneath $100 per barrel as positive news related to the largest economy of the world was moderated by the demands made by Europeans for the indebted Greek nation to make further cuts in spending before it gets a new bailout package.
The contract for March delivery of benchmark crude dropped by 29 cents, settling at a value of $99.55 a barrel, on the New York Mercantile Exchange, during electronic trading, around Singapore time (midday). The same contract increased by $1.13, as it settled at a value of $99.84 a day before.
On the other hand, in London, on the ICE Futures Exchange, Brent crude shed off some value as it dropped by 50 cents, to settle at a value of $118.90 per barrel.
Oil prices have been oscillating back and forth for past months because of an improving United States economy, which sends oil prices higher, while the deteriorating situation in Europe mostly offsets the gains in oil prices. Yesterday, the United States reported that the count of those Americans who are looking to get unemployment benefits dropped to a 4 year low in the past week, which is another hint that the job market of the country is improving and gaining strength.
From this month alone, oil prices have increased, going from $96 to $99.55 today. The rise in oil prices comes as investors are positive that the indebted Greek nation will not enter declare default as on Thursday, Greece agreed on a new agreement to further reduce spending and apply austerity measures which are necessary to get a bailout from international funding agencies such as the International Monetary Fund and the European Union.
On the other hand, during other energy trading, natural gas increased by 0.1 cent, to settle at $2.48 per 1000 cubic feet, while heating oil remained steady, measuring at $3.21 a gallon, whereas futures of gasoline dropped by 0.5 cents, to settle at $3.01 a gallon.
