Oil Prices Remain Steady with Eyes on Greece

Oil prices were little changed in thin trade on Friday, with investors focusing on talks aimed at averting a Greek debt default.  Brent crude for August delivery was up 19 cents at $63.39 a barrel by 0334 GMT (1134 EDT)after ending the previous session down 29 cents, or 0.5 percent.

U.S. crude for delivery in August slipped 6 cents to $59.64 a barrel after finishing Thursday down 57 cents, almost 1 percent.  “Traders and investors are very much on tenterhooks on the outcome (of talks on Greece),” said Ben Le Brun, a market analyst at OptionsXpress in Sydney.

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.  Greece failed to finalize a cash-for-reform pact in the latest round of talks with lenders on Thursday.


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