SINGAPORE, Feb 21 (Reuters) - Asian stocks and the euro faltered on Tuesday, as a rally that had been driven by expectations of a second bailout package for Greece ran out of steam with a deal still not quite sealed.
"Share markets around the world have rallied recently, driven in part by hopes that Greece will clinch a bailout deal," said Yumi Nishimura, a senior market economist at Daiwa Securities in Tokyo, speaking as talks dragged on in Brussels.
COMMODITIES-Oil, copper jump on China easing, Greece hopes
SINGAPORE, Feb 20 (Reuters) - Oil rose to multi-month highs and copper rebounded on Monday, as investors flocked to riskier assets after China's first bank reserve requirement cut for this year spurred hopes for improved liquidity in the world's top importer of most commodities.
"We're expecting another 50-basis point cut in RRR in the second quarter and we think credit conditions will be better this year compared to last year," said Siew Huay, an economist at DMG & Partners Securities.
Oil rises to 8-month high on Iran, China moves
LONDON, Feb 20 (Reuters) - Oil prices climbed to their highest in more than eight months on Monday, pushing Brent crude above $120 a barrel as Iran cut off oil exports to Britain and France while economic developments in Asia and Europe lifted riskier assets.
"Banning the tiny quantities of exports to the UK and France involves very little risk for Iran - indeed quite the opposite, it catches the headlines and leads to a higher global oil price, which is something Iran is very keen to encourage," said Caroline Bain, analyst at the Economist Intelligence Unit.
IEA says EU could live with abrupt Iran oil halt
LONDON, Feb 20 (Reuters) - The European Union could cope with an abrupt halt by Iran of oil exports to the region because buyers of Iranian oil are already adjusting to the EU's forthcoming ban on Iranian shipments, an International Energy Agency official said on Monday.
Oil prices rose on Monday to an eight-month high above $121 a barrel as Iran said it halted exports to British and French companies ahead of a European Union embargo starting on July 1.
Euro Coal-S.African prices rise on short-covering
LONDON, Feb 20 (Reuters) - Prompt South African physical coal prices rose by around 50 cents on Monday as market participants tried to cover short positions taken at the end of last year amid tight supply for March in particular, traders said.
"This is a temporary imbalance and not a good barometer of the market, it's just the front month and is a short-term squeeze," one European trader said.
Japan says no decision yet on Iran oil import cuts
TOKYO, Feb 21 (Reuters) - Japan's trade and foreign ministers said on Tuesday they haven't reached an agreement yet on how much Tokyo will cut Iranian crude imports to win waivers from U.S. sanctions designed to starve Iran of oil revenue.
Japan is likely to reduce imports of crude oil from Iran by at least 11 percent per year, the Yomiuri newspaper said earlier on Tuesday, to win an exemption from sanctions that could shut Japanese banks out of the United States if they facilitate trade in Iranian crude.
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