Oil edges up awaiting Greece election result

Oil price: Waiting on Greek election results

AP/Scanpix

By News wires

 15 June 2012 20:54 GMT

Oil prices edged up on Friday, in thin and choppy trade, supported by hopes Greece's upcoming election will not result in an exit from the euro zone, while weak US economic data limited gains.

Both Brent and US crude posted weekly losses, though the US slip was only $0.07, Reuters reported.

Friday's gains were hemmed in by separate reports showing US manufacturing output contracted in May, while factory activity slowed in New York state in June and US consumer sentiment fell.

The weak data raised the possibility that the US Federal Reserve might use more monetary easing to help a sputtering economic recovery. The Fed's policy-making committee has a two-day meeting starting Tuesday.

A weaker dollar, after the euro recovered from early losses against the US currency, also…

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