Oil prices edged higher on Thursday as the U.S. dollar slipped following weaker-than-expected U.S. non-farm payrolls data.
Poll indications that Greek citizens were expected to back a cash-for-reforms deal in a referendum on Sunday added to the bullish momentum, traders said.
Traders were also keeping a close eye on nuclear talks between Western powers and Iran, looking for any sign of a deal to lift sanctions on the oil-rich nation.
Brent futures were trading 60 cents higher at $62.61 per barrel at 1247 GMT. Front-month U.S. crude futures were up 18 cents at $57.14 per barrel.
The payrolls data weighed on the U.S. currency, which in turn lent support to dollar-priced oil. The figures showed U.S. job growth slowed in June and Americans left the labour force in droves.
Oil prices had slumped between 2.5 and 4 percent on Wednesday after a surprise weekly rise in U.S. crude inventories, the first build since April. [EIA/S]
The stock increase came on the back of strong U.S. production.
“Overall, production was supported by increased output from the Gulf of Mexico,” Barclays said in a note following the publication of the inventories data.
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