Oil up on Greek debt talks

Crude oil prices edged higher to near $107 a barrel Thursday on hopes that the Greek debt crisis is close to resolution, which would benefit the European economy.Benchmark oil for April delivery was up 82 cents to $106.98 a barrel in late morning trading on the New York Mercantile Exchange. It hit a day high of $107.19 earlier in the trading session.In London, Brent crude was up 69 cents at $124.96 a barrel on the ICE Futures exchange.Commodities were in step with rising world equity markets, optimistic that Greece will be able to complete a bond swap plan with private investors aimed at cutting €107 billion ($140 billion) off its national debt.Crude has risen from $96 last month to near 10-month highs because of worries a military conflict over Irans nuclear program would disrupt global oil supplies. The U.S. and Europe have imposed sanctions while Iran has threatened to halt crude tankers passing through the Persian Gulf.Signs of an improving U.S. economy have helped raise oil from $75 in October.