Oil Prices Steady as Greece Worries Ease

Oil prices were unchanged in Asian trade on Monday, after initially falling on concerns about the outcome of a eurozone meeting later in the day on the Greek debt crisis , although worries about oversupply still weigh on the market.  Prices rebounded from early lows after a European Commission official tweeted the latest proposal from Greece was a “good basis for progress” in Monday’s talks.

Brent crude for August delivery was flat at $63.02 a barrel as of 0442 GMT (0042 EDT), after dipping as much as 52 cents when Asian markets opened. The benchmark lost $1.24 in the previous session.

Front month U.S. crude was at $59.58 a barrel, down 3 cents after finishing the previous session down 84 cents.  Greek Prime Minister Alexis Tsipras offered a new reforms package to foreign creditors on Sunday in an effort to avoid default this month on 1.6 billion euros in debt repayments to the International Monetary Fund.