Oil prices edge up in Asia on upbeat outlook by Kuwait

17-Feb-15

Oil prices edged up in Asia following an upbeat outlook by key producer Kuwait, as investors monitor Greece’s troubled debt talks with its creditors, as per PTI. US benchmark West Texas Intermediate crude for March delivery inched up to US$53.05, while Brent crude for April delivery rose to US$61.9. Greece's Finance Minister Yanis Varoufakis was confident of reaching a deal with the euro zone on overhauling the country’s unpopular debt bailout programme in two days, despite crunch talks collapsing. The new anti-austerity Greek Government is aiming to win a six-month reprieve so it can renegotiate the terms of its €240 bln bailout, which its says has damaged the economy. However, its 18 euro zone partners, led by Germany, insist that any change to austerity terms must pass within the current programme, which Athens refuses to continue.