FXStreet (Mumbai) – Oil prices at both the sides of the Atlantic advanced on Wednesday as risk aversion took a breather after Greece received a fresh deadline along with a similar extension of deadline for Iran talks.
Brent crude for August delivery traded on London’s ICE Futures exchange rose 1.08% to USD 57.47/barrel. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD 52.46/barrel, up 0.27%.
Out of the two factors responsible for the risk aversion and a drop in the commodities, one appears to have moved out of the spotlight. Greece has been granted a new deadline, so for the moment, markets seem to have turned a blind eye towards fears of Grexit. However, the other major factor – China stock market rout is still very much in the spotlight.
Still, crude prices managed to recover losses ahead of the fed minutes and the weekly inventory data in the US.
(Market News Provided by FXstreet)