Oil prices rose by nearly $2 today as eurozone leaders made a pact with private banks and insurers to cut Greek debts by 50%.
Brent crude rose by $1.80 to stand at $110.71 a barrel and US crude increased by $1.90 to $92.10, reports Reuters.
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The eurozone deal is aimed at preventing the debt crisis spreading to larger economies such as Italy.
The US Energy Information Administration said that crude stockpiles rose by 4.74 million barrels to 337.63 million in the week to 21 October, and that the price of US crude stayed high due to other positive data from the world’s largest oil consumer.
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