Oil prices rise after earlier fall on Greece concerns
Oil prices have risen again in international markets after an earlier plunge at the beginning of the week over Greece debt crisis and economic fears related to the world's biggest energy consumer, China.
On Wednesday, US benchmark West Texas Intermediate for August delivery increased 43 cents to USD 52.76 a barrel, AFP reported.
The price of Brent North Sea crude for August also gained 38 cents to stand at USD 57.23 a barrel in Wednesday deals.
Oil prices were relatively steady on Tuesday, after US crude futures fell about 8 percent on Monday due to concerns about slowing global growth. The concerns came after Greek voters rejected a bailout offer from the international creditors while China moved to rein in turbulence in its financial market.
Asian equities fell on Wednesday in some Asian markets as plummeting Chinese shares began to affect other markets, and also after European leaders set a deadline for Greece to submit new bailout reform proposals.
"China's stock market rout is now spreading to other financial markets, creating a sweeping sense of panic and liquidity crunch," said Zheng Ge, an analyst at Wanda Futures Co.
Analysts said China’s new restrictions on margin trading and concerns about the overvaluation of many stocks have forced mainland investors -- mostly retail traders -- to cash out.
Meanwhile, European leaders have set a new final deadline of Sunday for the debt-stricken Greece to clinch a new bailout deal with its creditors and avoid possible exit from eurozone.
Both crises are putting extra pressure on oil prices in global markets at a time when global crude market is already oversupplied, analysts said.
Traders are also awaiting the release of the weekly US crude inventory report later on Wednesday, which offers an estimate of demand in the world's top oil consuming nation.
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