West Texas Intermediate futures for August delivery holds at $60.27 (-0.18%), while Brent crude for August is at $63.32 (-0.03%) a barrel. Both managed to close with gains yesterday as investors weighed concerns about excessive supplies and hopes for an agreement between Greece and its lenders. Growing demand and reductions in new drilling helped to keep prices above $60 despite supply glut. However conditions still cannot be called favorable. That's why investors don't hope that prices will recover quickly this summer.

Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015. Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles up, weighing on prices.