Oil rises after EU welcomes new proposals from Greece
Monday, 22 June 2015
Oil prices rose above $63 a barrel on Monday in response to new proposals from Greece that the European Union welcomed as a basis for progress at talks to try to stave off a default that could cause turmoil in financial markets. But high levels of global oil production and stocks continued to exert pressure on crude prices. Brent crude for August delivery was up 30 cents at $63.32 a barrel by 0822 GMT, after falling nearly 2 per cent on Friday over worries about a potential Greek debt default. Front month US crude was 44 cents higher at $60.05 a barrel, according to Reuters.