-- Crude prices rise amid Greek optimism and ahead of an ECB rate decision -- Brent near 6-month high -- Geopolitical concerns, cold weather also support prices By Sarah Kent Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Crude futures were higher Thursday, with Brent holding near a 6-month high, amid hopes that Greece was nearing a deal on a new bailout package and ahead of a European Central Bank decision on interest rates. At 1113 GMT, the front-month March Brent contract on London's ICE futures exchange was 68 cents, or 0.6%, higher at $117.88 a barrel, after hitting a 6-month high of $118.17 earlier in the day. The front-month March contract on the New York Mercantile Exchange was trading up 56 cents, or 0.6%, at $99.27 per barrel. The ECB is due to give its latest decision on interest rates at 1245 GMT, with almost all economists polled by Dow Jones Newswires expecting policy rates to remain unchanged at 1% ahead of another liquidity injection expected later in the month. Loose monetary policy has proven supportive of oil prices over the last few years, encouraging financial investors to increase their positions in the oil market. "It's getting easier for speculative money to enter long positions on the oil market," said Torbjorn Kjus, oil market analyst at DnB NOR. "There are more buyers than sellers coming into the market from the financial side and it's working off the weaker fundamentals," he added, referring to poor demand figures and rising inventories reported in the most recent data from the U.S Department of Energy. Geopolitical concerns also continued to underpin prices, as relations with Iran remained tense and concerns mounted over the security situation in Nigeria, Africa's largest oil producer. Elsewhere, supplies from Syria and South Sudan remain cut off, thanks to an EU embargo on Syria and a longstanding dispute over oil transit fees between Khartoum and South Sudan. Additional support was provided by the frosty conditions in Europe which weather experts predict will continue until the end of the month. The cold snap in Europe has given products a much needed boost. ICE gasoil rose to a nine-month high earlier this week and remains at elevated levels. Inventory data for products in Europe is due later today and should give an indication of where prices might head going forward. "This could drive gasoil prices above the $1,000 a ton threshold and thus also give further buoyancy to the Brent price," said Commerzbank in a note. At 1113 GMT, the ICE's gasoil contract for March delivery was up $6.25, or 0.6%, at $996.75 per metric ton, while Nymex gasoline for February delivery was 134 points, or 0.5%, higher at $2.9752 per gallon. -By Sarah Kent, Dow Jones Newswires; 4420-7842-9376; sarah.kent@dowjones.com

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