Oil prices rally in Asia on Spain bailout:
Singapore – Oil prices leaped in Asian trade Monday with traders cheered by a eurozone agreement to bail out Spain's beleaguered banks and easing Chinese inflation.
New York's main contract, light sweet crude for delivery in July, soared 2.51 percent, or $2.11, to $86.21 per barrel in morning trade. Brent North Sea crude for July delivery added 2.67 percent, or $2.66, to $102.13.
Justin Harper, market strategist for IG Markets Singapore, said the market "saw a huge boost... after weekend news that Spanish banks were bailed out by the EU and Chinese inflation eased."
"Oil rose its most in five months having been battered recently by eurozone woes, increased supply, rising stock...
Keep on reading: Oil prices rally in Asia on Spain bailout
New York's main contract, light sweet crude for delivery in July, soared 2.51 percent, or $2.11, to $86.21 per barrel in morning trade. Brent North Sea crude for July delivery added 2.67 percent, or $2.66, to $102.13.
Justin Harper, market strategist for IG Markets Singapore, said the market "saw a huge boost... after weekend news that Spanish banks were bailed out by the EU and Chinese inflation eased."
"Oil rose its most in five months having been battered recently by eurozone woes, increased supply, rising stock...
Keep on reading: Oil prices rally in Asia on Spain bailout
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