Oil prices recovered Tuesday after beginning the week with losses amid concerns over ample supply and the breakdown in Greece’s debt talks.
US benchmark West Texas Intermediate for delivery in July rose 63 cents to 60.15 a barrel, ahead of US crude stockpiles data on Wednesday.
Brent North Sea crude for August was flat at 63.95 a barrel in late London deals compared with Monday’s close.
Despite a steadier performance for Brent on Tuesday, “the medium-term outlook remains bearish due to the glut of oil that remains on the market”, said Kathleen Brooks, research director at traders Forex.com.
Sentiment has been weighed down by worries that US oil output is not declining and Saudi Arabia could further ratchet up production.
Markets are under pressure also owing to Greece’s growing problems. Athens and its creditors were locked in a stalemate after loan talks collapsed over the weekend, bringing Greece just two weeks away from a possible default on its debt, which could be followed by its exit from the eurozone.
The talks concerning the release of the 7.2 billion euros (8.1 billion) in rescue funds remaining in Greece’s bailout have dragged on for five months.
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