NEW YORK (AP) — Oil topped $100 per barrel for the first time since early June as European leaders discussed more financial aid for Greece.
The new rescue package, which is being hammered out Thursday at an emergency summit in Brussels, propped up the euro relative to the dollar. Oil is priced in U.S. currency. The price tends to rise as the dollar weakens because oil becomes cheaper for investors holding foreign currencies.
Benchmark West Texas Intermediate crude for August delivery added $1.33 to $99.73 per barrel in morning trading on the New York Mercantile Exchange. It reached $100.16 earlier. Brent crude, which is used to price many international varieties, gained 58 cents to $118.73 per barrel on the ICE Futures Exchange.