Oil prices open Friday’s trading session higher after news that the Greek PM is to scrap a referendum plan on eurozone membership and instead set his sights on winning a confidence vote, which saw stock markets and commodities rally late Thursday.<\/p>\n
Latest Oil Prices<\/strong><\/p>\n US WTI crude oil futures for December 2011 delivery was trading at $94.37 a barrel, 07.20 GMT this morning in electronic trading on the NYMEx, while European Brent oil futures were trading at $110.96.<\/p>\n Greek Referendum<\/strong><\/p>\n Capping a day of extreme political turbulence in Athens, George Papandreou told his colleagues that there was no need for a referendum after the conservative opposition promised to support the terms of a \u20ac130bn bailout from the EU, ECB and IMF.<\/p>\n “Failure to back the package would mean the beginning of our departure from the euro, but if we have consensus, then we don\u2019t need a referendum.” said Mr Papandreou.<\/p>\n Global stock markets rose amid signs the eurozone had been pulled back from the brink of disintegration by the eleventh hour concord in Greece.<\/p>\n The Greek premier dramatically scrapped the referendum he said he had called because of political divisions in Athens over the difficult package. On Thursday he said: “We had a dilemma: consensus or a referendum. Failure to back the package would mean the beginning of our departure from the euro.”<\/p>\n Mr Papandreou is due to face a vote of confidence in the Greek parliament on Friday night.<\/p>\n Stock markets have once again been rocked by the latest twists and turns surrounding Greece and wider implications that problems in the eurozone could spread to other countries including Italy.<\/p>\n Both Brent and WTI oil prices have been broadly tracking market movements as the crisis unfolds.<\/p>\n