LONDON (Reuters) - Oil was up near $118 on Friday, supported by Europes latest agreement to bail out Greece, but weak economic data from China, the worlds second-largest oil consumer, weighed on sentiment and the ongoing U.S. Budget crisis hit U.S. crude. The Brent futures contract for September was up 20 cents at $117.71 a barrel by 1400 GMT, off an earlier high of $118.35. U.S. crude was down 25 cents at $98.88 a barrel, but had traded as low as $98.43. Analysts and traders said the preliminary solution to the euro zone debt crisis presented in Brussels on Thursday was still providing some support for Brent, but ongoing wrangling over the U.S. debt ceiling was impinging on U.S. crude. On Thursday, an emergency summit of leaders of the euro zone pledged a second bailout of Greece. This comprised an extra 109 billion euros ($157 billion) of government money, plus a contribution by private sector bond holders estimated to total as much as 50 billion euros by mid-2014. We have some sort of solution for the European debt situation which helped the market yesterday and has kept it relatively steady today, said Rob Montefusco at Sucden Financial. However, Michael Hewson, analyst at CMC Markets, said there were still many obstacles that need to be overcome before the package sees the light of day. It has to be approved in 27 EU parliaments... and there is some unease among a lot of Germans that they could become the backstop for all of this. As a result we have seen a bit of profit-taking going into the weekend. In the United States, efforts are continuing to secure a last-minute deficit-reduction deal before the Aug. 2 deadline to raise the countrys debt ceiling. Montefusco said the unresolved nature of the U.S. budget crisis was encouraging traders to take some exposure off the books on Friday. WTI was quite rampant last night and it finished a lot stronger than Brent did, he added. Phil Flynn, an analyst at PFGBest Research in Chicago, said the market would be looking to see if the talks would drag on into next week.