Oil prices increased this morning as hopes for global oil demand during winter overshadowed the European debt crisis.

Brent crude rose above $113 gaining $1.04 for the third consecutive time and US crude traded 21¢ higher at $94.47 a barrel as the contract increased by 1% last week, posting a fifth straight weekly gain.

Concerns about supply disruptions from major producers in the Middle East and North Africa as winter demand sets in also supported crude prices, reports Reuters.