Although an EU summit will go ahead today, analysts remain pessimistic that a deal will resolve the eurozone debt crisis.

US crude climbed 51¢ to stand at $93.69 a barrel this morning, but remained short of a three-month high as inventory stocks rose.

Brent crude futures rose by 70¢ to $111.62 a barrel.

Crude oil stocks increased by 2.7 million barrels last week, according to a report by the American Petroleum Institute.