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Oil rose to the highest level in more than nine months after euro-area finance ministers agreed on a second bailout for Greece, reducing concern that the debt crisis may slow the economy and oil consumption.
Prices gained as much as 2.1 percent after the ministers awarded 130 billion euros ($173 billion) in aid, wrung concessions from Greece’s private investors and engineered a European Central Bank profits transfer. Iran stopped selling oil to France and Britain yesterday to preempt a European Union ban on imports of its crude, according to an official news website.
Oil for March delivery gained to $105.44, the highest intraday price since May 5. Prices have risen 5.8 percent this year. The March contract expires at the close of floor trading today.
Brent oil for April settlement rose 38 cents, or 0.3 percent, to $120.43 a barrel on the ICE Futures Europe exchange in London.
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