Oil prices rose this morning as lower inflationary pressure in China allowed the government to ease monetary policy and spur demand to allay fears of a slowdown in the world’s second-largest oil consumer.

Brent crude rose 68¢ a barrel for the fifth consecutive day to $115.68, while US crude gained 16¢ to stand at $96.96 a barrel.

Italy and Greece are working towards a solution for their sovereign debt problems, easing concerns of financial turmoil in the eurozone, reports Reuters.