Brent crude oil prices reaches $113

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Brent crude oil prices reaches $113
Brent crude prices picked up in Asian trade on Monday after Greece's political leaders decided to form a coalition government to approve a euro zone bailout on the hopes that the step would reduce the debt burden and increase the demand of oil.

Brent crude spot in Asia advanced by 0.45% at $113.06 a barrel on Monday while New York's NYMEX Crude Future gained 0.28% at $94.52.

Crude prices overseas have been rising for a second consecutive week.

The European Union warned Greece's political parties to form a coalition government before collecting a first international loan installment from the bailout fund.

On Sunday, Greek Prime Minister George Papandreou sealed a deal with the opposition parties under EU pressure, the only option available to the country to reduce its debt burden.

Global commodities prices spurted after the news with the new hopes.

Brent crude closed $1.14 higher on Friday in US posting a fifth straight weekly gain.

Read more about: europe, crude, greece, commodities
Story first published: Monday, November 7, 2011, 12:01 [IST]
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