Oil prices rise on China stocks rebound

Oil prices rose on Friday on hopes that the Greek debt crisis could be resolved and as Chinese stocks rebounded, but analysts said bigger jumps were unlikely as global crude production remained high. Front-month US crude futures were trading at $53.27 per barrel at 0425 GMT, up 49 cents, although prices remain 6 per cent below last Friday. Front-month Brent crude was up 52 cents at $59.13 a barrel, 2 per cent below the end of last week. Beyond China and Greece, traders were also waiting to hear whether a compromise would be reached between world powers and Iran that could lead to increased oil flows if sanctions are lifted, although the US government said overnight that it was in no rush to reach a deal. Friday's gains, however, were unlikely to extend much further, analysts said, as global supplies remained plentiful. Top exporter Saudi Arabia continues to keep supply high, with sources saying it will maintain fully contracted volumes to most Asian buyers in August, according to Reuters.