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Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire
agreement, stoking tensions in the Middle East. Nikodash | iStock/Getty Images Plus Crude oil fell on Thursday as players took profits from the past two days of gains, turning bearish after
the dollar's rally against the euro on Greek debt worries weighed on demand for commodities. U.S. crude settled down 66 cents, or 1.07 percent, at $60.77 a barrel. Brent crude oil for
July was down 60 cents to $66.40 a barrel, after touching a session low of $64.50. The dollar's first resurgence in five days against a basket of currencies offset a positive outlook
for oil from the International Energy Agency. A stronger dollar makes commodities denominated in the greenback, including oil, costlier for other currency users. The euro extended losses
after International Monetary Fund spokesman Gerry Rice said "major differences" remained with Greece over an agreement to save the country from bankruptcy. The IMF's technical
team has returned from Brussels, where it had been talking with Greek officials, although the Fund remained "fully engaged" with Athens, Rice told reporters. Read More OPEC
pumping at highest level since Aug 2012: IEA "Oil continues to slip and slide when it gets bad news out of Greece and moves higher when Greek hopes for a deal to avoid a Greek default
are raised," said Phil Flynn, analyst at Chicago-based Price Futures Group. Crude prices had jumped about 5 percent over the past two days, rallying ahead of and after bullish weekly
stock draws data from the U.S. government. The IEA, which coordinates energy policy for industrial nations, raised its projection for global oil demand growth in 2015 by 280,000 barrels per
day to 1.4 million bpd, bringing demand this year to almost 94 million bpd. The agency said that unexpectedly strong global oil demand growth had been supporting oil prices and raised its
estimate for world demand for crude from the Organization of the Petroleum Exporting Countries this year. Read MoreWorld Bank pares global growth forecast Even so, the World Bank cut its
global growth outlook for this year and urged countries to "fasten their seat belts" as they adjust to lower commodity prices and a looming rise in U.S. interest rates. In its
twice-yearly Global Economic Prospects report, the World Bank predicted that the global economy would expand by 2.8 percent this year, below its 3 percent outlook in January.