Oil prices mixed, all eyes on Greece

Brent edged up on Friday while US crude eased, but both were stuck in tight ranges as investors focused on talks aimed at averting a Greek debt default. Brent crude for August delivery was up 21 cents at $63.41 a barrel by 0646 GMT (0246 EDT) after ending the previous session down 29 cents, or 0.5 per cent. US crude for delivery in August fell 7 cents to $59.63 a barrel after finishing Thursday down 57 cents, or almost 1 per cent. Euro zone finance ministers are due to meet on Saturday in a last-ditch attempt to clinch a deal with Greece to avoid a debt default by Athens and possibly a Greek exit from the euro. Oil prices have been oscillating around technical resistance and support levels, said Ric Spooner, chief market analyst at Sydney's CMC Markets. Longer term, oil prices face downward pressure for the remainder of the year on resilient oil supplies, with Brent expected to average $61 a barrel in the third quarter, a Barclays report said on Friday, according to Reuters.