Oil steadies on equity, Greek debt concerns weigh

U.S. crude steadied on Monday, supported by firmer share markets, while Brent edged lower due mainly to a warning by credit agency S&P of a potential default by Greece.
U.S. crude was trading 7 cents up at $95.01 a barrel. ICE Brent crude was 15 cents lower at $111.61 a barrel by 1011 GMT.
Volume for both contracts was relatively thin due to the Independence Day holiday in the United States, which is traditionally seen by oil traders as marking the height of U.S. gasoline demand.
Oil prices were supported by the gains in global equity markets since last week, Christopher Bellew, oil trader with Jefferies Bache, said.
"I think the stock market rebound indicates some confidence in growth," he said.
The MSCI world equity index rose 0.3% to hit its highest since early June.
European stocks ticked higher while emerging shares rose nearly 1 percent, helped by Shanghai stocks which hit a six-week peak.
Stock markets were supported as euro zone finance ministers over the weekend approved a 12 billion euro instalment of aid for Greece and said the details of a second aid package would be finalised by mid-September.
But oil prices, particularly Brent, were weighed by weaker investor sentiment as ratings agency Standard & Poor's said a debt rollover plan being considered for Greece may still put the country into "selective default".
The International Energy Agency's (IEA) emergency stock release continued to weigh on oil price gains.
The IEA, under criticism that the release has been badly coordinated outside the United States and information has not been transparent, will hold a follow up briefing at 1400 GMT.
The tender to sell crude oil from U.S. strategic petroleum reserves (SPR) was oversubscribed by active bids.
But analysts have pointed out the full volume of the 60 mln barrel IEA release may not be absorbed due to globally weak demand.
The InterContinental Exchange will release its weekly commitments of traders data at 1100 GMT. That follows data from U.S. Commodity Futures Trading Commission (CFTC) on Friday.
The CFTC data showed hedge funds and other large speculators cut their net long U.S. crude futures and options positions in New York and London last week to the lowest level since November as prices slid.
Weekly U.S. oil inventory data from industry group the American Petroleum Institute and the government's Department of Energy will be delayed by a day to Wednesday and Thursday, respectively, due to the Independence Day holiday.