Oil prices recover amid Greece, supply worries

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SINGAPORE: Oil prices recovered on Tuesday thanks in part to a softer dollar despite worries over supply and the breakdown in Greece’s debt talks, an analyst said.

In mid-afternoon Asian trade, US benchmark West Texas Intermediate for July was up 64 cents at $60.16 while Brent futures for August, a new contract, were up 35 cents at $64.30.

“Oil prices have fallen over three percent since June 10, so it is possible that traders feel it is a good time to cover some of their short positions,” Bernard Aw, market strategist at IG Markets in Singapore, told Agence France-Presse.

“A softer US dollar could have also contributed to the modest recovery. If you look from a wider perspective, Brent crude remained stuck between $60 and $70 for the past two months, as underlying conditions did not change significantly.”

Greece and its creditors are locked in a stalemate after loan talks collapsed over the weekend, bringing Athens just two weeks away from a catastrophic default on its debt, which could be followed by its exit from the eurozone.

AFP

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