Oil rises from one-week low
Oil rose from the lowest level in almost a week after European finance ministers reached an agreement on aid for Greece, easing concern that the region's debt crisis will derail recovery and curb fuel demand.
Futures advanced as much as 0.6 percent in New York after ending 0.6 percent lower yesterday. Ministers agreed to help Greece manage its debt burden in talks in Brussels that lasted 13 hours, a European Union official said early today. It was the fourth round of discussions by ministers on the Greek crisis in two weeks. U.S. crude inventories probably rose 500,000 barrels last week, according to a Bloomberg News survey of analysts before an Energy Department report tomorrow.
"The positive outcome on Greece has already been priced in," said Andrey Kryuchenkov, an analyst at VTB Capital in London who predicts Brent crude may slide to $110 a barrel this month.