By midday on Tuesday, oil quotes were up after a being down in the morning. Brent oil at 11:45 EET was trading at the $62.30 mark per barrel (+0.4%). The price of WTI with August delivery is $58.41 (+0.15%). By yesterday’s close, North Sea oil, according to data from market opening, was trading at $62.01 per barrel, whilst light crude was going for $58.33 a barrel.
Investor attention is still centered on Greece. The powers that be on the oil market inside the day will be directly dependent on whether Greece declares a technical default or whether the country is saved at the last second. The default doesn’t mean bankruptcy, but will give a little head start for the borrower. Athens is now in dire need of time. Any decision regarding Greece will provoke sharp movements on the currency and stock markets and, as a consequence, will affect prices of raw materials.
If the USD dares to strengthen any more today or tomorrow, oil quotes will fall. During today’s trading day, the price of Brent could reach $62 a barrel and then head downwards. WTI has the chance to drop to $57.80 per barrel. The situation could be equaled out somewhat by data on oil reserves from the API (out on Tuesday evening).