Crude-oil futures pushed higher today, as traders priced in expectations for a successful Greek debt swap. With reports indicating that a healthy majority of private bondholders agreed to take part in a voluntary restructuring plan, investors suddenly developed a healthier appetite for risk. The front-month contract was further buoyed by news that oil shipments from Iran are already slowing down, as the country responds to sanctions imposed by the European Union. By the close, April-dated crude tacked on 42 cents, or 0.4%, to finish at $106.58 per barrel.
Gold futures extended their lead to a second straight session, following suit with stocks and oil. A weakening dollar also helped the malleable metal edge closer to the $1,700 mark, as Greece-related optimism gave the euro a boost. Gold for April delivery wrapped up the session by adding $14.80, or 0.9%, to end at $1,698.70 an ounce.
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