Oil prices fall Monday on Greek debt, oversupply concerns

Oil prices eased in Asian trade on Monday, falling for a second session on concerns about the outcome of an emergency euro zone meeting later in the day on the Greek debt crisis and worries about oversupply.

Prices moved up from early lows after a European Commission official tweeted the latest proposal from Greece was a "good basis for progress" in Monday's talks.

"On a 24 hour basis we'll see some volatility depending on what happens with Greece," said Ric Spooner, chief market analyst at Sydney's CMC Markets.

Brent crude for August delivery fell 14 cents to $62.88 a barrel as of 0959 GMT, after dropping 52 cents when Asian markets opened. The benchmark fell $1.24 in the previous session.

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