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Oil futures headed toward $85 a barrel in electronic trading on Monday, after elections in Greece resulted in a modest victory for the pro-austerity New Democracy party.

Light sweet crude futures for July delivery CLN2 +0.92% rose 77 cents to $84.80 a barrel in electronic trading on the New York Mercantile Exchange on Monday, extending Friday�s move higher.

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Pro-bailout New Democracy ahead in Greek polls
The latest projections from the Greek election give the conservatives, New Democracy, a slim lead over Syriza, the radical left coalition. The figures suggest a coalition government could be formed by mainstream parties.

That move at the end of last week � when futures tacked on 12 cents in regular trading in New York � came after a report that governments stood ready to act if needed following elections in Greece on Sunday.

However, the vote � while close � indicated a victory for the New Democracy party which soothed market fears that the country will imminently exit the common currency bloc. Read more on Greek vote.

�The Greek election outcome will be met with a sigh of relief across global markets but we would caution about becoming too carried away,� said strategists at Credit Agricole.

�There is still likely to be plenty of horse trading before a new government is formed and even then Greece�s fiscal/debt/growth problems will not just miraculously go away,� they added.