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Oil climbs above $91 ahead of Greek austerity vote

Published on June 29, 2011 3:01AM

Last changed on June 29, 2011 5:38AM


Associated Press

NEW YORK (AP) -- Oil is higher ahead of a vote in Greece to approve tough new financial reforms that would shore up its beleaguered economy.

Benchmark West Texas Intermediate added $1.01 to $91.64 per barrel Tuesday on the New York Mercantile Exchange. In London, Brent crude added $2.67 to $108.69 per barrel on the ICE Futures Exchange.

On its own, Greece's financial troubles wouldn't normally move world oil prices. But analysts say that if the country fails to pay its bills, its financial troubles could spread to neighboring countries and undercut the European Union's economy.

The euro strengthened against the dollar. Greek lawmakers will vote Wednesday and Thursday on a $40 billion austerity plan.

Meanwhile, retail gasoline in the U.S. dropped to a national average of $3.551 per gallon.

Copyright 2011 The Associated Press.


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