-- Oil is higher on back of higher European equities, positive outlook for Greece -- Market participants looks to EIA data on oil inventories due later Wednesday -- WTI likely to break $100 a barrel in Wednesday trading, analysts say By Jenny Gross Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Crude oil futures rose Wednesday alongside European equities on optimism that Greek lawmakers were close to a deal on the restructuring of the country's debt. At 1115 GMT, the March Brent contract on London's ICE futures exchange was up 46 cents, or 0.4%, at $116.67 a barrel. The March contract on the New York Mercantile Exchange was trading up $1.21, or 1.2%, at $99.60 a barrel. "We see a strong rally in the European equity markets on the positive outcome about Greece and that is the key element that is moving the oil markets today," said Mryto Sokou, research analyst at Sucden Financial. "Also with a strong rally in the euro, crude oil prices are heading toward $100 [a barrel] for WTI and $118 [a barrel] for Brent." Greek Prime Minister Lucas Papademos is scheduled to meet at 1300 GMT at 1300 GMT on reforms demanded by international creditors in exchange for a second bailout. Talks between Greece and creditors appeared to be nearing a conclusion Tuesday. "We are slowly coming to some kind of a solution in Greece, and the market at the moment is starting to price in that as it looks like they have managed to iron out a few differences," said Ole Hansen, the futures and fixed income trading desk manager at Saxo Bank. "If there is any disappointment there, it could trigger dollar buying and would remove support for energy prices." Analysts said that geopolitical uncertainty in the Middle East is continuing to add upside momentum to oil prices, as is the cold weather front in Europe, which has put oil supplies under pressure. Investors will look to closely-watched weekly U.S. oil inventory data, due later Wednesday, for short-term guidance on market direction. Gasoline stocks are expected to rise by 100,000 barrels, while distillate stocks, comprising heating oil and diesel fuel, are expected to fall by 900,000 barrels. "Our expectation for a total crude build in excess of 4 million barrels is about 1.5 million barrels above average street ideas and could force some renewed WTI weakening," said a note by Ritterbusch & Assoc. At 1115 GMT, the ICE's gasoil contract for February delivery is up $1.75, or 0.2%, at $997.00 a metric ton, while Nymex gasoline for March delivery was up 56 points at $2.9332 a gallon. -By Jenny Gross, Dow Jones Newswires; 4420-7842-9239; jenny.gross@dowjones.com

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