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Empresas y finanzas

Oil prices mixed, all eyes on Greece


    By Keith Wallis

    SINGAPORE (Reuters) - Brent edged up on Friday while U.S. crude eased, but both were stuck in tight ranges as investors focused on talks aimed at averting a Greek debt default.

    Brent crude for August delivery was up 21 cents at $63.41 a barrel by 0646 GMT (0246 EDT) after ending the previous session down 29 cents, or 0.5 percent.

    U.S. crude for delivery in August fell 7 cents to $59.63 a barrel after finishing Thursday down 57 cents, or almost 1 percent.

    "Traders and investors are very much on tenterhooks on the outcome," said Ben Le Brun, a market analyst at OptionsXpress in Sydney, following another failed round of talks to finalize a cash-for-reform pact for Greece.

    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.

    Oil prices have been oscillating around technical resistance and support levels, said Ric Spooner, chief market analyst at Sydney's CMC Markets.

    U.S. crude, also known as West Texas Intermediate, faces pressure from a larger-than-expected build in gasoline and distillate stocks last week, Le Brun said. But he noted that Greece would be Asian traders' main focus on Friday.

    "The market is looking to the weekend at the euro zone meetings now. There is a lot to play for this weekend," Le Brun said.

    The market was also watching talks between Iran and six world powers to see whether there would be an agreement on Tehran's nuclear program by the June 30 deadline.

    "Prices continue to stay within range and (we) do not think that this range would shift until next Tuesday, the deadline for Iranian nuclear negotiations," Phillip Futures said in a research note.

    WTI and Brent should find support at $59 and $62.38, with resistance at $61.8 and $65, the note said.

    "With prices being at support, it seems prices should move higher for today. However, even if prices do move upwards, we expect to see them stop at the resistance levels mentioned," the note added.

    Longer term, oil prices face downward pressure for the remainder of the year on resilient oil supplies, with Brent expected to average $61 a barrel in the third quarter, a Barclays report said on Friday.

    (Editing by Richard Pullin and Joseph Radford)