Oil Bounces Off 3-Week Lows As Greek Debt Default Looms
NEW YORK, June 30 (Reuters) - Oil prices ended higher as it rebounded from three-week lows on Tuesday with U.S. refined fuel trading leading the rally on bets for strong summer demand, even as Greece's move toward a debt default threatened to jolt global markets.
The run-up in oil also jarred with the stronger dollar, which normally tends to weigh on commodities.
The extension of a deadline for a nuclear deal that will let Iran export more crude into an oversupplied market was another bearish factor the market overlooked.
Brent crude settled up $1.58, or 2.6 percent, at $63.59 a barrel.
It fell 3 percent for June, rose 15 percent for its best quarter since September 2012, and finished up 11 percent for the half year.
U.S. crude settled up $1.14, or almost 2 percent, at $59.47. It slipped 1 percent on the month; jumped 25 percent in the second quarter for its best quarterly gain since December 2011, and closed up 12 percent on the year.
Some analysts urged caution though, saying the selloff that slashed crude prices by 60 percent between June and January may return if crude stockpiles start piling again from September, after the end of summer driving season.
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