Oil markets rose today as investors await results of the European Central Bank’s final monetary policy meeting today.
The ECB meeting is expected to levy a 25 basis points rate cut as investors hope for the European policy makers to reach an agreement to tackle the eurozone debt crisis.
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Brent crude rose by 48¢ to stand at $110.01 a barrel and US crude gained 28¢ to $100.76 following a rise in crude inventories, which increased by 1.34 million barrels last week.
Meanwhile, top oil exporter Saudi Arabia is pumping oil at its highest rate in decades to meet future customer demand, reports Reuters.
