Dubai: Global investors were in risk-friendly mood after Eurozone ministers reached a vital deal with Greece to unlock bailout cash. Their mood was further underpinned by gains in oil and also from stronger than expected data from the US, which spurred additional bets the economy could withstand higher rates from the Federal Reserve.

US stocks rose, extending gains for another session, while Europe’s main stock gauge was poised for the biggest two day gain in a month.

The Dow Jones Industrial Average was 0.52 per cent higher at 17,798, while the S&P 500 was 0.51 per cent higher at 2,086.43. The Euro Stoxx 600 was 1.03 per cent higher at 347.65, after gaining more than 1 per cent in the previous session. German DAX index was trading above the keenly watched 10,000 mark. The index was 1.19 per cent higher at 10,176.80 at 5.30pm.

“It is all about Greece news today which is instigating the interest for riskier assets,” said Naeem Aslam, chief market analyst with Think Forex UK Ltd.

The agreement unlocks $12 billion in bailout cash that Greece urgently needs to repay big loans to the European Central Bank (ECB) and International Monetary Fund (IMF) in July, having already fallen behind in paying for everyday government duties and wages.

“Greek unlocking new cash is a good news for investors who will fell a lot more comfortable around the level of risk. For now, we certainly are of the mindset that this trend could continue, and days of 9 per cent yield are back in the past,” Aslam said.

Technical analysts expect world indices to extend gains going ahead.

All markets may extend gains and Dow Jones may hit a new target of 18,591, said Osama Al Ashri, member of British organisation, Society of Technical Analysts, adding S&P may hit a new target of 2,179, while German DAX index may hit 10,790 by next month.

Brent nears $50:

Brent crude closed in on the $50 per barrel mark, its highest since October 2015 on expectations of a drawdown in US crude inventories.

Brent crude for July delivery was 1.58 per cent higher at 49.38 per barrel, after hitting a high of $49.39, its highest level in more than eight months. WTI for July delivery was trading 1.44 per cent higher at $49.33 per barrel.

“We would be comfortably trading above $54/55 very soon due to supply issues in Nigeria among other centers, and also a drawdown in the fuel in the United States,” said Pradeep Unni, head of trading, Richcomm Global Services.

Aslam also agreed with Unni’s view. “If the crude inventory data confirms another major draw drown, we could see the price moving higher and the target of $52 will come in play,” Aslam said.