NEW YORK (MarketWatch) -- Benchmark Nymex crude oil for August delivery CL1Q +1.27% rose 1%, or 90 cents, to $91.49 a barrel Tuesday, lifting oil from its lowest settlement price in four months touched on Monday. Oil prices are likely to be volatile ahead of the Greek vote Wednesday to approve unpopular fiscal austerity measures to solve the country's debt crisis, actions that could push the euro up or down, Alexander Poejel, analyst at JBC Energy, said. "If they cannot agree it would be bad for the euro and oil prices would be hit," he added. Hopes for a solution were higher as French President Nicolas Sarkozy backed a deal to extend the maturity of some Greek bonds and urged other European countries to follow. Further, Abdalla Salem Al-Badri, the secretary general of the Organization of Petroleum Exporting Countries, said Monday at a press conference that the organization disapproved of the International Energy Agency's decision to release 60 million barrels of oil from strategic reserves.
