Oil prices are expected to extend a rebound thanks to improved global growth, a drop in stockpiles and fewer drilling rigs, Kuwaiti Oil Minister Ali al-Omair said.

"We have reached a stage where a drop in oil prices is unlikely," he said, cited by the official KUNA news agency on Tuesday night.

Australia said Wednesday it will join the new Beijing-led Asian Infrastructure Investment Bank as a founding member, contributing Aus$930 million (U.S.$719 million) in paid-in capital over five years.

Australia is the latest U.S. ally to sign up to the bank, which has been shunned by Washington and Tokyo, the world's largest and third-largest economies respectively.

Oil prices extended their gains in Asia Wednesday on expectations of a decline in U.S. crude inventories and robust economic data from the eurozone, analysts said.

U.S. benchmark West Texas Intermediate for August delivery was up three cents at $61.04 a barrel and Brent climbed five cents to $64.50 in afternoon trade.

Under-pressure Bulgaria central bank head to quitThe governor of Bulgaria's central bank BNB caved in to pressure on Tuesday to resign over the collapse of the country's fourth-largest lender Corporate Commercial Bank (CCB).

Ivan Iskrov said he would step down on July 10, three months before his mandate was due to expire, following criticism of the central bank's supervision of CCB.

China's manufacturing activity contracted for the fourth straight month in June as demand remained sluggish in the world's second-largest economy, a survey by British banking giant HSBC showed Tuesday.

The bank's preliminary Purchasing Managers' Index (PMI) came in at 49.6 in June, the highest in three months but still below the breakeven point of 50, HSBC said in a statement.

The European Union's commissioner for economic affairs said on Tuesday he was "convinced" that Greece and its creditors would strike a deal on Athens' debt.

"I am convinced that we will reach an agreement," Pierre Moscovici told French radio as hopes rose that a solution to the five-month standoff between Athens and its creditors could be found. 

The euro slipped on Tuesday with investors adjusting positions as they waited for new developments in Greek debt talks.

The common European currency fell to $1.1273 and 139.48 yen in Tokyo from $1.1340 and 139.92 yen in New York late Monday.

Oil prices rose on Monday as dealers focused on crunch Greek debt talks and a possible return of Iranian supplies to the market. 

U.S. benchmark West Texas Intermediate for July delivery gained 56 cents to $60.17 a barrel compared with Friday's close.  

Swiss travel group Kuoni said Monday it was selling its European tour operating activities to German retailer REWE, but did not disclose the price.

The Zurich-based firm, in the midst of widespread restructuring, said it had agreed to sell its tour operating business, as well as its travel agencies in Switzerland, Britain, Scandinavia, Finland and the Benelux countries to REWE's travel arm DER Touristik.

The European Central Bank (ECB) again increased emergency liquidity funds for Greece's banks Monday, according to a Greek bank source who said the ECB may renew the hike "at any time" if necessary.

The new increase of the ECB's Emergency Liquidity Assistance was the third since Wednesday and came as Greek savers continued withdrawing their money in large volumes from the country's banks.