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1st LD Writethru: Oil prices rise ahead of supply report

Xinhua, June 24, 2015 Adjust font size:

Oil prices gained Tuesday on expections of a weekly decline in U.S. crude inventories.

Investors are awaiting weekly U.S. inventory data to get a clear picture of supply-demand balance. U.S. Energy Information Administration (EIA) will publish its report on crude data for the week ended Friday on Wednesday. Traders expected to see U.S. crude inventories to fall for an eighth straight week for a draw of 1.3 to 1.5 million barrels.

Market also rose as Greek debt talks continue on the positive track.

With no breakthrough during Monday's Eurogroup summit in Brussels, talks on the long-awaited deal for the Greek debt resolution will be continued with a view to striking a compromise by the weekend, according to the Greek government and its international lenders.

The U.S. benchmark, West Texas Intermediate for August delivery, moved up 63 cents to settle at 61.01 U.S. dollars a barrel on the New York Mercantile Exchange. The global benchmark, Brent crude for August delivery increased 1.11 dollars to close at 64.45 dollars a barrel on ICE Futures Europe. Endite