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Brent Slips to $116 on Greece Risk, Spread Trade

Reuters -- Brent crude futures fell to near $116 a barrel on Wednesday, as uncertainty over Greece's ability to resolve its debt problems weighed on sentiment and traders narrowed the benchmark's premium to U.S. crude.

The risk of Europe's debt crisis dragging the region into a recession that could crimp oil demand continued to weigh on risk assets.

Greek political parties will try yet again on Wednesday to strike a reform deal in return for a new international rescue to avoid a chaotic default.

"There is little doubt that should Greece come to an agreement with private debt holders and agree to tough austerity measures this would be viewed favorably in risk asset markets," said Ben Le Brun, market analyst with OptionXpress in Sydney.

London Brent crude [LCOCV1 116.54 0.31 (+0.27%)

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Submitted Feb 08, 2012 By: WxVette

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doctorindyj Champion Author Santa Fe Posts:2,261 Points:509,430 Joined:Nov 2009	Message Posted: Feb 8, 2012 7:38:45 AM Ignore doctorindyj Report Abuse They are broke but still have their hands out and get mad when they are told the gravy train has derailed. The speculators should give up their 'hopes' and deal with the realities.
gasrat6083 Champion Author Long Island Posts:1,693 Points:838,960 Joined:Sep 2005	Message Posted: Feb 8, 2012 6:51:16 AM Ignore gasrat6083 Report Abuse "Slips" to $116. LOL!
bar1035 Champion Author Charlotte Posts:6,592 Points:938,145 Joined:Aug 2006	Message Posted: Feb 8, 2012 6:36:33 AM Ignore bar1035 Report Abuse Would you loan Greece any money? I know I won't. So why would private debt holders. They're holding a losing hand
paulsond Sophomore Author Maryland Posts:145 Points:303,390 Joined:Sep 2008	Message Posted: Feb 8, 2012 6:18:41 AM Ignore paulsond Report Abuse interesting how perceptions of political problems impacts the price of oil.
dorisntx Champion Author Fort Worth Posts:1,267 Points:336,725 Joined:Apr 2011	Message Posted: Feb 8, 2012 6:10:27 AM Ignore dorisntx Report Abuse ok