Oil prices extended gains in Asian trade today after euro zone finance ministers sealed a deal on a massive new bailout for Greece.
New York’s main contract, light sweet crude for delivery in March, was $1.78 higher at $105.02, and Brent North Sea crude for April delivery gained eight cents to $120.13 in morning trade.
“Obviously there’s a cheer in Europe over the news in Greece... but Iran is raining on their parade,” said Mr Justin Harper, head of research at IG Markets Singapore.
“And there’s still a long way to go for Europe and Greece, so it’s not really time to celebrate yet.”