Oil prices rise awaiting Greece, Iran outcomes

London

OIL prices rose over the week despite the crude market facing pressure from high supplies, as traders awaited deals over Greece's bailout and Iran's nuclear programme.

The weekly US industry report showed domestic output still high and commercial fuel inventories at generous levels in the world's biggest consumer of crude. US crude output edged up to a record 9.6 million barrels a day in the week to June 19, while stockpiles stayed at a near-record 463 million barrels.