Oil prices rebound

Oil prices rebounded yesterday after starting the week with sizeable losses caused by Greece’s debt saga, reports AFP from London.
US benchmark West Texas Intermediate (WTI) for delivery in August rose 29 cents to $58.62 a barrel compared with Monday’s close.
Brent North Sea crude for August gained 77 cents to stand at $62.78 a barrel in London afternoon deals.
WTI sank $1.30 and Brent lost $1.25 on Monday.
Greece confirmed it would fail to make a key IMF repayment due on Tuesday, fanning fears of a chaotic eurozone exit on the same day the country’s international bailout expires.
At the same time the European Commission said it had offered an eleventh hour deal to Prime Minister Alexis Tsipras to stave off a crisis which could rupture the eurozone and risks a knock-on effect on other troubled countries.
Oil traders were meanwhile also waiting to see if Iran and major world powers can reach a deal on curbing Tehran’s nuclear programme by the end of Tuesday, a deadline set by both sides.
Such an agreement would allow Western powers to remove sanctions, paving the way for more Iranian crude to hit the already oversupplied international market.

Oil prices rebound

Oil prices rebounded yesterday after starting the week with sizeable losses caused by Greeces debt saga, reports AFP from London. US benchmark West Texas Intermediate (WTI) for delivery in August rose 29 cents to $58.62 a barrel compared with Mondays close. Brent North Sea crude for August gained 77 cents to stand at $62.78 a barrel in London afternoon deals. WTI sank $1.30 and Brent lost $1.25 on Monday. Greece confirmed it would fail to make a key IMF repayment due on Tuesday, fanning fears of a chaotic eurozone exit on the same day the countrys international bailout expires. At the same time the European Commission said it had offered an eleventh hour deal to Prime Minister Alexis Tsipras to stave off a crisis which could rupture the eurozone and risks a knock-on effect on other troubled countries. Oil traders were meanwhile also waiting to see if Iran and major world powers can reach a deal on curbing Tehrans nuclear programme by the end of Tuesday, a deadline set by both sides. Such an agreement would allow Western powers to remove sanctions, paving the way for more Iranian crude to hit the already oversupplied international market.