SINGAPORE, June 22: Oil prices edged higher in Asia today but gains were capped as dealers focused on crunch Greek debt talks as well as a possible return of Iranian supplies disrupted by international sanctions, analysts said.
US benchmark West Texas Intermediate for July delivery gained five cents to $59.66 while Brent crude for August gained three cents to $63.05 in afternoon trade.
Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY, said crude prices were facing downward pressure "due to concerns over the Greek financial crisis".
The heads of the 19 eurozone countries will hold an emergency summit in Brussels later Monday under pressure to prevent Greece from defaulting on its debt.
If the two sides are unable to agree a deal, Greece will likely default on an IMF debt payment of around 1.5 billion euros due on June 30, leading to the possibility of it crashing out of the eurozone.
Greek Prime Minister Alexis Tsipras on Sunday presented new proposals on reforming the country's bailout to European leaders, raising hopes that a default can be averted after a five-month deadlock.?AFP