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Oil prices staged a relief rally early Monday after Greek elections on Sunday yielded what’s being perceived as a market-friendly outcome, though some warned the bounce in risk-assets may not last as questions persisted over the viability of a new coalition government.
Parties committed to the European Union and International Monetary Fund (IMF) bailout for Greece were set to win a slim parliamentary majority on Sunday, beating radical leftists who reject the terms of the lifeline.
The election result looked likely to yield a coalition government led by conservative New Democracy. But it also leaves an emboldened left-wing Syriza bloc to rally angry opposition in the streets to the punishing austerity terms of the bailout.
“This is a good outcome for now,” said Ian Bremmer, President and Founder of Eurasia Group, a global political risk research and consulting firm, told CNBC Asia's " Squawk Box " on Monday. Greece has shown that “they’re capable of further can kicking” and he warned that a coalition government may last just six to 12 months.
London Brent crude rose over $1 to $98.94 a barrel, while U.S. light, sweet crude was trading $1.25 up at $85.28 a barrel in early Asia.
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