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Brent crude oil jumps $2 before Greek vote

Published 06/29/2011, 07:10 AM
Updated 06/29/2011, 07:16 AM
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LONDON, June 29 (Reuters) - Brent crude oil futures jumped more than $2 per barrel on Wednesday as the euro rose against the dollar ahead of a key vote by the Greek parliament on an austerity programme, helping avert a Greek debt default.

Traders said they expected Greek lawmakers to approve the plan, allowing another aid package to be given to Athens.

The euro rose 0.5 percent against the dollar on hopes for an easing of the euro crisis and as risk aversion eased, traders said.

ICE Brent futures for August rose $2.07 to a high of $110.85, before easing back to trade around $110.40 by 1107 GMT.

Greek conservative opposition lawmaker Elsa Papadimitriou said on Wednesday she would vote in favour of an austerity plan despite her party's rejection of the measures, further increasing the chances of the plan being approved. (Reporting by Christopher Johnson)

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