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Greece reached new austerity deal

Crude prices surged on Monday as Greece reached new austerity deal and Iran tension continued.

But U.S. crude oil futures electronic trading was halted for more than one hour due to technical fault, which heavily impacted WTI’s settlement.

Shortly before closing at around 2 p.m., typically one of the most active periods of trading session, U.S. crude, gasoline and heating oil futures from the CME Group fed from the Globex electronic platform stopped updating and wasn’t resumed until 3:15 p.m.

The CME said all day orders for crude oil futures with Monday’s trade date would be canceled.

Before the technical halt, U.S. crude prices rose and came back to 100 dollars a barrel as financial market sentiment was boosted by the news that Greek policy-makers voted for more harsh spending cuts measures over the weekend despite a violent strike.

But market’s optimistic weakened as concerns about how Greece would meet its austerity target resurfaced. The euro also pared its gains and turned to fall.

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