Oil markets were boosted this morning by investor optimism that Italy may get financial help from the International Monetary Fund (IMF).

The IMF is supported by renewed eurozone efforts by European leaders to end the region’s debt crisis.

Brent January crude was up $1.46 to stand at $107.86 a barrel, while US crude increased by $1.70 to $98.49, boosted by strong consumer spending ahead of the holiday season, reports Reuters.