Oil and Gold Daily Analysis: February 13, 2012

CL2H

Oil advanced from a three-day low after Greece’s parliament approved austerity measures needed to secure an international bailout, easing concern that Europe’s debt crisis will worsen and curb commodity demand. Futures rose as much as 0.9 percent in New York as 199 lawmakers supported the bill in a roll-call vote shown live on state-run Vouli TV, compared with 74 who were opposed. The measures will allow the country to secure a 130 billion-euro ($172 billion) second aid package. European Union countries account for about 16 percent of the world’s oil demand, according to BP Plc’s Statistical Review of World Energy. Oil for March delivery climbed as much as 86 cents to $99.53 a barrel on the New York Mercantile Exchange. It was at $99.31 at 11:15 a.m. Sydney time. The contract declined $1.17, or 1.2 percent, to $98.67 on Feb. 10, the lowest close since Feb. 7. Prices are 17 percent higher the past year.



GOLD

Gold for immediate delivery rose 0.2 percent to $1,726.13 an ounce at 10:04 a.m. in Melbourne, while bullion in New York advanced 0.2 percent to $1,728.10. Silver for March delivery gained 0.5 percent to $33.76 an ounce. The metal for immediate delivery climbed 0.7 percent to $33.795 an ounce. Greek Prime Minister Lucas Papademos won approval from parliament for austerity measures to secure an international bailout after at least 151 members of the chamber voted for the measure, according to a tally of votes.