(MENAFN- FxPro) Crude oil prices dipped in Asia on Monday with some signs that a deal appears possible on Greece's debt bailout package after proposals were swapped at the weekend ahead of a crucial meeting.
European leaders are to hold emergency talks on Monday in Brussels about Greece's bailout agreement, which is due to expire on June 30.
Markets in China are to remain closed for the Dragon Boat Festival holiday.
On the New York Mercantile Exchange, crude oil for delivery in August fell 0.28% to $59.80 a barrel.
Last week, crude oil futures fell sharply on Friday, as the U.S. dollar firmed up and amid growing concerns over a potential Greek debt default.
On the ICE Futures Exchange in London, Brent for August delivery hit a session low of $62.34, the weakest level since June 5, before closing at $63.02, down $1.24, or 1.93%. For the week, London-traded Brent futures lost $1.35, or 2.51%.
Meanwhile, investors continued to monitor developments surrounding talks between Greece and its international creditors, amid growing concerns that the country could default on its debt be forced out of the euro zone.
Greece is running out of time before it owes the International Monetary Fund a bundled loan payment of ‚¬1.5 billion on June 30. At the same time, the remaining ‚¬7.2 billion of a ‚¬240 billion stimulus package from its international creditors is set to expire at the month.
All 28 members of the European Union are scheduled to be present at an emergency summit on Monday, in what could be Greece's final opportunity to avoid a default. Failure to strike a deal would result in Greece defaulting on payments and exiting the euro zone.
U.S. oil futures remained supported after industry research group Baker Hughes (NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. fell by 4 last week to 31. The drop marks the 28th straight week of declines.
Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.
The U.S. Energy Information Administration said on Wednesday that crude oil inventories fell by 2.7 million barrels last week to 467.9 million. It was the seventh straight weekly decline.
Also on Monday, the U.S. is to release private sector data on existing home sales.
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