The Greek parliament has approved the bailout package and the market has accepted it with a strong corrective rally in the equities indices after yesterday afternoon featured some protective selling near the close.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
Oil prices bounced from three-week lows in choppy trade on Tuesday as investors awaited a Greek debt default, shying away from riskier assets and putting benchmark North Sea Brent crude on course for a second month of losses.
Last week’s cash trade averaged $153.55 according to USDA’s closely followed five area report. This is 3% over last year’s $149 average price in the same week. Free market sales were a bit over the previous week’s incredibly small level.