Oil prices climb on Greek debt worries

Oil prices rose on Tuesday on easing concerns over the Greek debt crisis and ahead of US economic data set to provide clues on the health of the world's biggest oil-consuming nation, analysts said. Brent North Sea crude for delivery in August advanced $1.09 to $112.48 a barrel in early afternoon London trade. New York's main contract, West Texas Intermediate for August, gained 71 cents to $95.65. "After a long holiday weekend, crude oil rebounded strongly and posted gains, as concerns eased about the Greek debt crisis," said Sucden analyst Myrto Sokou. She added: "Today, investors will be keeping an eye on the US durable goods and factory orders data for May that could provide a better insight of the US economy and give some direction to the dollar." Market participants are also awaiting the latest interest rate decisions from both the Bank of England and European Central Bank on Thursday. Further afield, traders will digest the crucial non-farm payrolls data in the United States on Friday. "The main focus this week will be switched to the ECB and BoE interest rate decision on Thursday and the US non-farm payroll figures on Friday that could give a better outlook for the global economy," said Sokou. The weekly snapshot of US energy inventories will be published on Thursday, one day later than normal, because of the Independence Day public holiday on Monday. The oil market was meanwhile boosted on Monday by the progress of eurozone talks to save debt-ridden Greece. Over the weekend, finance ministers approved the next 12-billion-euro slice of a rescue worth 110 billion euros ($160 billion) provided by the European Union and International Monetary Fund.