Oil futures climb toward $85 after Greek vote

[Elsha]

Oil futures headed toward $85 a barrel in electronic trading on Monday, after elections in Greece resulted in a modest victory for the pro-austerity New Democracy party.

Light sweet crude futures for July delivery CLN2 +0.92% rose 77 cents to $84.80 a barrel in electronic trading on the New York Mercantile Exchange on Monday, extending Friday’s move higher.

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Pro-bailout New Democracy ahead in Greek polls
The latest projections from the Greek election give the conservatives, New Democracy, a slim lead over Syriza, the radical left coalition. The figures suggest a coalition government could be formed by mainstream parties.

That move at the end of last week — when futures tacked on 12 cents in regular trading in New York — came after a report that governments stood ready to act if needed following elections in Greece on Sunday.

However, the vote — while close — indicated a victory for the New Democracy party which soothed market fears that the country will imminently exit the common currency bloc. Read more on Greek vote.

“The Greek election outcome will be met with a sigh of relief across global markets but we would caution about becoming too carried away,” said strategists at Credit Agricole.

“There is still likely to be plenty of horse trading before a new government is formed and even then Greece’s fiscal/debt/growth problems will not just miraculously go away,” they added.

[priyank]

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