Oil back of $60 a barrel ahead of Greek debt summit

Oil prices rose in early European trading Monday as investors grew optimistic over Greek debt negotiations, though persistent oversupply worries remained a factor for oil markets.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN5, +0.67%  moved above $60 a barrel, up 60 cents or 1%. August Brent crude on London’s ICE Futures exchange LCOQ5, -0.33%  was up 45 cents, or 0.7%, to $63.47 a barrel.

Eurozone leaders will try to reach an agreement on Greece’s bailout at an emergency meeting today. Failure to reach an agreement could put Greece on the road to bankruptcy and exit from the euro, officials have warned in recent days. Any major currency swings as a fallout of the debt talks would impact commodities prices, including oil.

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