Oil prices rose today, gaining for a fourth straight day, as a sharp drop in US crude stocks overshadowed persistent worries that the euro zone debt crisis would curtail global oil demand.

US crude futures increased by 36 cents to stand at $99.03 a barrel, while Brent crude settled 98 cents higher at $107.71 a barrel, reports Reuters.

US Government data showed domestic crude stocks fell 10.6 million barrels last week to 323.6 million barrels, after logging the biggest weekly inventory draw down in nearly 11 years.