Brent crude futures rose by 43¢ to stand at $110.95 this morning for the third consecutive day over Europe’s debt problems.
Eurozone leaders have so far failed to restore confidence in the region’s economy, which has overshadowed tensions between the Middle East and the West over the threat of sanctions against Iran.
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US crude traded up by 16¢ to $100.52 a barrel, even through crude inventories increased by 3.93 million barrels to 334.75 million in the week to 25 November.
Traders expected Cushing oil to balance the extra supply following news about the sale of a pipeline between the US Midwest oil centre of Cushing, Oklahoma, and the US Gulf, reports Reuters.
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