By Gurdeep Singh Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--Crude-oil futures were little changed in Asian trading Wednesday, with the market focused on the Greek parliamentary vote on austerity measures later in the day On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $92.96 a barrel at 0630 GMT, up $0.07 in the Globex electronic session. August Brent crude on London's ICE Futures exchange fell $0.27 to $108.51 a barrel. "It appears that the risk trade is back on for now, as much of the commodity and financial space appears to be pricing in an orderly resolution to the Greek debt crisis," said Jim Ritterbusch at Ritterbusch and Associates, who cautioned that any significant hiccups in the approval of the austerity measures could prompt a sharp downward price correction. Increasing optimism for a viable Greek bailout and Wall Street's sharp rise on Tuesday improved regional sentiment and stoked a broad rise in risk-appetite, while also boosting oil prices, which have recovered from four-month lows earlier this week. In another positive sign, German banks agreed in principle to consider rolling over about $10 billion in Greek government debt, provided there are assurances that the terms of the deal won't be seen by ratings agencies as putting Greece into default. The Greece issue is important for oil markets because the outlook for world oil demand is tied to the pace of global economic recovery. Sovereign debt issues in the euro zone also have implications for foreign exchange markets, which have provided strong cues for oil prices this year. A fundamentally bearish crude-oil market this month has often taken a lead from the euro-dollar pair. A stronger U.S. dollar tends to drive oil prices lower as it makes crude more expensive for buyers holding other currencies. Saudi Arabia's decision to increase oil production and the International Energy Agency's move to release emergency oil supplies into the market has fuelled a selloff in oil markets this month due to concerns of a supply glut amid steady global demand growth. Traders will also focus on U.S. oil inventory data, with the Department of Energy due to release its report on U.S. oil and fuel stocks at 1430 GMT. The figures are expected to show a decline of 1.6 million barrels of crude, according to analysts surveyed by Dow Jones Newswires. Gasoline inventories are seen rising 100,000 barrels, while stocks of distillates, including heating oil and diesel, are expected to rise by 1 million barrels. Refineries are seen raising their utilization rates by an average of 0.2 percentage point. Nymex reformulated gasoline blendstock for July--the benchmark gasoline contract--fell 91 points to $2.8805 a gallon, while July heating oil traded at $2.8267, 10 points higher. ICE gasoil for July changed hands at $893.25 a metric ton, up $2.50 from Tuesday's settlement. -By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com

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