Oil prices extend gains in Asian trade

Oil prices extended gains in Asian trade today after euro zone finance ministers sealed a deal on a massive new bailout for Greece.

New York's main contract, light sweet crude for delivery in March was $1.78 higher at $105.02, and Brent North Sea crude for April delivery gained eight cents to $120.13 in morning trade.

"Obviously there's a cheer in Europe over the news in Greece... But Iran is raining on their parade," said Justin Harper, head of research at IG Markets Singapore.

"And there's still a long way to go for Europe and Greece, so it's not really time to celebrate yet."