US crude up $1 after Greece passes austerity bill

US crude oil futures rose over $1 today after the Greek parliament approved a deeply unpopular austerity bill to secure a second EU/IMF bailout.

US crude oil futures rose over $1 on Monday after the Greek parliament approved a deeply unpopular austerity bill to secure a second EU/IMF bailout.

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On the New York Mercantile Exchange, crude for March delivery gained over $1 to trade as high as $99.68 a barrel, before slipping to $99.64 as of 0526 GMT.

The Greek parliament approved the austerity bill to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country.