Crude Oil Rises as Greek-Debt Concerns Ease

Bloomberg reported that crude oil increased for the first time in three days on concern that the Federal Reserve will take steps to support the U.S. economy.

The market news is quoted as saying:

Chairman Ben S. Bernanke extended the conference to two days to give the FOMC more time to discuss the merits and costs of policy options. A U.S. Energy Department report tomorrow will show supplies fell to an eight-month low, according to a Bloomberg News survey.

Price also rose as the Greek government said it held “substantive” discussions about obtaining a sixth installment of aid. Finance Minister Evangelos Venizelos spoke with European Union and International Monetary Fund officials in a teleconference last night. A second call will be held tonight.

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