Oil prices rise from 3-week low

Oil prices have bounced back from three-week lows, with US refined fuels markets leading the rally on bets for strong summer demand, even as Greece’s move towards a debt default threatened to jolt global markets.

Brent crude futures were, however, in line for a second straight monthly loss despite a 10% gain for the first half of the year. US crude futures were up similarly for the half year after a loss for June.

However, crude futures also had a sterling quarter, with Brent notching its largest gain since 2012 and US crude its strongest since December 2012.