Oil advanced in New York on a report that the European Central Bank is exchanging Greek bonds for new securities.

Oil rebounded from a 0.9 percent decline on the German newspaper Die Welt’s report that the European Central Bank is swapping its 50 billion euro Greek government bond holdings for new Greek bonds. The report, which cited unidentified central bank officials, said the bond swap will be completed by Feb. 20.

Oil for March delivery rose to $102.69 on the New York Mercantile Exchange, after dropping as low as $100.84. The contract yesterday rose to $101.80, the highest settlement since Jan. 10.

Brent oil for April settlement gained 97 cents, or 0.8 percent, to $119.90 a barrel on the ICE Futures Europe exchange.