The price of crude oil futures pushed to its top value in 14 days on Monday after legislators in the Greek parliament approved deep austerity cuts and opened the door for the Aegean nation to accept its second bailout since June 2010, according to Dow Jones Newswires.
Analysts, investors and other observers kept a close eye on the trials and travails of Greece, which has a financial obligation due next month and was in peril of defaulting. A default would have created a splinter in the euro zone, reduced the pace of economic growth and development and minimized demand for the energy commodity.
"What's moving the market is Europe, and when we feel good about Europe, oil has a tendency to rally," analyst Phil Flynn with PFG Best in Chicago told Dow Jones Newswires.
At 3:09 p.m. on Monday, crude oil futures gained 0.43 percent, a 50 cent lift to $117.81 per barrel.
Bloomberg reports sanctions exacted upon Iran, considered the second largest producer of the Organization of Petroleum Exporting Countries, were growing stronger. The nation is pursuing a nuclear energy program, which has garnered opposition from Western countries.
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