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Oil prices continue downwards trend on a row of bearish news (Brent: $56.2)

The Greek debt situation remains unsolved as yesterday's meeting between Greece and the euro zone's finance ministers gave no clues as to how the debt-struck country is planning to reform the economy. New meeting is scheduled for Sunday where Greece must present proposal for reforms to avoid bankruptcy and remain in the euro currency cooperation.

As for the negotiations on Iranian nuclear deal, the parties have postponed the deadline till Friday as they apparently still have a row of pending topics to resolve.

The weekly oil stock inventory from the American Petroleum Institute yesterday showed draw in crude oil and gasoline, builds in distillates stocks. Similar trend is expected this afternoon when the oil inventory report from the EIA is published (16.30 CET).

OPEC output is up 170,000 barrels per day to around 31.28 mio. barrels per day in June, according to analysts; mainly driven by Saudi Arabia (10.35 mio. bpd) and Iraq (above 3 mio. bpd), the highest level in almost 3 years.

Coming up tonight is the meeting minutes from the latest Federal Open Market Committee (FOMC) meeting. The FOMC is a committee within the Fed and holds 8 meetings per year where the members review economic conditions and determine the monetary policy. Markets are waiting for more info on the timing of a potential interest rate hike later this year.

Another volatile day in the oil markets...