Oil prices rose this morning as the continent tries to contain its worsening debt situation from spreading globally.

Brent crude gained 9¢ to stand at $108.31 a barrel and US crude rose by 5¢ to $98.87.

Investors exited riskier assets as Asian shares fell for the fourth consecutive day and base metals slumped.

Oil markets were also concerned about France and Spain’s unsustainable borrowing levels, while Italy pledged to embark on fiscal reforms, reports Reuters.