(MENAFN- FxPro) Crude oil futures inched higher on Thursday, as sentiment improved after Greece's parliament passed austerity measures demanded by the country's creditors in order to secure a third bailout package.
The reform plan was approved with 229 votes in the 300-seat chamber, despite dozens of hardliners in the ruling Syriza party opposing the package, raising doubts over the future of Prime Minister Alexis Tsipras' government.
The eurogroup of euro zone finance ministers were to hold talks on the latest developments in Greece later Thursday.
Meanwhile, officials in Brussels were continuing efforts to assemble a ‚¬7 billion short-term financing package to keep Greece afloat until the new bailout can be finalized.
The European Central Bank, which is holding its monthly policy meeting in Frankfurt on Thursday, was expected to increase Emergency Liquidity Assistance (ELA) to Greek banks, the first step toward allowing them to reopen after being closed for nearly three weeks.
On the ICE Futures Exchange in London, Brent oil for September delivery tacked on 20 cents, or 0.35%, to trade at $57.32 a barrel during European morning hours.
A day earlier, London-traded Brent prices lost $1.56, or 2.66%, to end at $57.12 amid concerns a resumption of Iranian oil exports will add to a global glut.
Elsewhere, on the New York Mercantile Exchange, crude oil for August delivery rose 34 cents, or 0.65%, to trade at $51.75 a barrel.
On Wednesday, Nymex oil futures tumbled $1.63, or 3.07%, to close at $51.41 following the release of disappointing weekly data on U.S. oil inventories.
Total crude oil inventories fell by 4.3 million barrels last week to 461.4 million, according to the U.S. Energy Information Administration. Market
analysts' expected a crude-stock fall of 1.2 million, while the American Petroleum Institute reported a decline of 7.3 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 438,000 barrels last week, above forecasts for an increase of 268,000 barrels.
New York-traded oil futures have been under heavy pressure in recent weeks as worries over high domestic U.S. oil production weighed.
According to industry research group Baker Hughes (NYSE:BHI), the number of rigs drilling for oil in the U.S. rose by five last week to 645, marking the second straight week of gains after 29 weeks of declines.
The spread between the Brent and the WTI crude contracts stood at $5.57 a barrel, compared to $5.71 by close of trade on Wednesday.
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