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Oil dips on Greece default, stocks rally

1st July 2015

Oil prices slid on Wednesday after Greece defaulted on its loan repayment to the International Monetary Fund.

In New York, crude oil for August delivery dipped one per cent, while Brent crude fell 0.7 per cent to trade at $63 a barrel.

Meanwhile, stocks across Europe rallied as investors looked for signs that Greece may be ready to do a deal with its creditors to avoid what many people see as a situation where it would be forced to leave the eurozone.

The FTSE 100 index of leading shares climbed 1.5 per cent, while the German DAX index rose more than two per cent on hopes that officials could yet agree a fresh bailout deal.

With banks still shut in Greece, the Athens stock exchange remains closed until after Sunday’s planned referendum on the bailout terms.

Sterling fell as UK manufacturing data disappointed, pushing back expectations for when the Bank of England will raise interest rates.

The euro was steady despite the crisis in Greece, with the single currency flat against the dollar after Monday’s sell-off.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.