PTI
Singapore
Oil prices recovered today thanks in part to a softer dollar despite worries over supply and the breakdown in Greece's debt talks, an analyst said. US benchmark West Texas Intermediate for July was up 60 cents at USD 60.12 while the Brent contract for August, a new contract, was up 32 cents at USD 64.27 in late morning trade.
“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 AFP.
“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.
