Oil prices rise ahead of the release of U.S. crude oil inventories data

Oil prices rose ahead of the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

Hopes for a last-minute deal between Athens and its lenders supported oil prices. According to a statement from the office of the Prime Minister Alexis Tsipras, the Greek government has requested a 2-year bailout programme from the European Stability Mechanism (ESM) to fully cover its financing needs, including restructuring of debt.

Athens said that it will continue debt talks seeking a "viable agreement" within the Eurozone.

The head of the Eurogroup Jeroen Dijsselbloem said on Tuesday that Eurozone finance ministers will have a teleconference today at 17:00 GMT to discuss the latest proposals from Greece to keep the bailout negotiations going.

"Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon", he twitted.

Traders also expect the results of talks on the Iranian nuclear program. Talks will continue as it is unlikely that all issues can be resolved before June 30.

WTI crude oil for August delivery increased to $58.81 a barrel on the New York Mercantile Exchange.

Brent crude oil for August rose to $63.01 a barrel on ICE Futures Europe.