Oil prices are rising due to the rise in the stock market of China and investors' hopes to solve the debt problems of Greece.
The futures of Brent rose $ 0.62 to $ 59.23 for a barrel, while futures of WTI - by $ 0.56 to $ 53.34. Since the beginning of the week Brent fell 2 %, while WTI - by 6 %.
Greece, on Thursday night, gave creditors the reform program needed to obtain new loans. Investors hope that an agreement can be reached over the weekend.
China's stock market rose by 6 % due to government measures seeking to stop the decline, on which the market lost 30 % in three weeks. Analysts note the slowdown in the Chinese economy.
"The economy is growing slowly, judging by the prices of raw materials, the growth in June does not justify forecasts", - says in the report of Morgan Stanley (NYSE: MS).
Prices for steel and iron ore in China this week fell to record lows because of weak demand. But oil consumption is increasing due to restocking.
"The rapid rise of the visible oil demand in China is primarily due to restocking, but real consumption is also growing thanks to low prices", - wrote in the report an analyst of China Matters.
Another important topic for the market is about the negotiations on Iran's nuclear program, which did not result in an agreement within the specified period by the negotiators. After reaching an agreement, Iran could be spared from sanctions and be able to increase oil exports.
Analysts do not expect a significant rise in oil prices this year as supply exceeds demand.
"We believe it is likely that to the end of year, Brent prices will hold in the range of $ 55-60 per barrel," – said the report of JBC Energy.
On Wednesday, the oil prices were also increasing due to the improved economic performance in Germany, the largest country in Europe in terms of economy, and increased demand for gasoline. The growth of exports from Germany in May was the fastest since the beginning of the year, and trade surplus reached a record high.