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1st LD Writethru: Crude prices rebound amid hopes of Greece deal

Xinhua, June 23, 2015 Adjust font size:

Oil prices rebounded Monday as traders expected Greece to reach a last-minute deal with creditors.

The finance ministers of the eurozone countries concluded a meeting in Brussels on Monday and will meet again later in the week, seeking to strike a deal over the Greek debt issue.

The Greek government's latest plan makes a potentially major concession on cutting deficits in its pension system.

The plan was formally submitted to creditors Monday morning. Eurogroup President Jeroen Dijsselbloem said the new proposals from Greek government was "a positive step" in the process and that it is possible to reach a deal within this week.

Traders were cautiously optimistic that a deal on Greece's bailout seems within reach.

The upbeat U.S. housing data also helped to support the market. U.S. existing-home sales increased in May to their highest pace in nearly six years, reported the National Association of Realtors on Monday.

Light, sweet crude for July delivery moved up 7 cents to settle at 59.68 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 32 cents to close at 63.34 dollars a barrel. Endite