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Oil prices traded mixed
Oil prices traded mixed. Brent crude oil rose after a power outage shut production at Buzzard, the UK's largest oilfield, and as expiration of the August contract is approaching.
Buzzard oilfield normally pumps 170,000 to 180,000 barrels per day.
WTI crude oil declines as crude stocks at the Cushing, Oklahoma, increased last week. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories fell by 4.346 million barrels to 461.4 million in the week to July 10.
Crude stocks at the Cushing, Oklahoma, increased by 438,000 barrels to 57.1 million barrels.
The results of the Greek parliament's vote supported oil prices. The Greek parliament has approved reforms demanded by Greece's creditors in return for the third bailout programme on Wednesday. 32 Syriza members, including former finance minister Yanis Varoufakis, voted against new reforms.
European Commission President Jean-Claude Juncker said on Thursday that European Union finance ministers agreed to provide a €7 billion bridge loan to Greece until the third Greek bailout programme will be set up. The bridge loan would come from the European Financial Stabilization Mechanism.
Greece could use the bridge loan to repay ECB and IMF loans.
WTI crude oil for August delivery decreased to $51.50 a barrel on the New York Mercantile Exchange.
Brent crude oil for August rose to $57.87 a barrel on ICE Futures Europe.
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