Oil prices have increased after witnessing the biggest single-day drop in the last quarter, due to Greece’s debt crisis and stock market weakness in China.
Brent crude for August increased 70 cents at $57.24 a barrel, while the US crude rose up 57 cents and traded at $53.10 a barrel, Reuters reported.
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Investors are keenly watching the talks that are going on in Vienna over Tehran’s nuclear programme.
If the discussions reach any breakthrough, the oil rich nation could double its oil export, adding to the worry of already oversupplied market.
Prices could also come under pressure following a fall in China’s stock market and Greece moving closer to exit the eurozone.
Energy Aspects told the news agency: "Macroeconomic headwinds are rising, be it in the form of the collapse in the Chinese stock market, Greece’s potential exit from the eurozone or a stronger dollar. So, downside risk to Brent flat price persists."
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By GlobalDataAccording to a survey by Platts, oil production from the Organization of the Petroleum Exporting Countries (OPEC) in June rose by 170,000b/d to 31.28 million barrels per day (b/d), compared to previous month.
The rise in oil barrels is the fourth consecutive monthly increase since February, as Saudi Arabia and Iraq produced more oil.
During the month, the OPEC countries shipped 1.3 million b/d more than its official 30 million b/d ceiling.
Saudi Arabia produced an average 10.35 million b/d during the month Iraq production increased by nearly 330,000b/d to more than three million b/d.
