Oil prices rose this morning as signs of a US deficit reduction deal offset weak economic data from China, and Europe took action on the Greek debt crisis.

US crude gained 29¢ to stand at $99.42 a barrel and Brent crude climbed 29¢ to $117.80 a barrel.

An emergency summit by 17 European countries pledged to conduct a second bailout for Greece with an extra €109bn of government money and €50bn from private sector bondholders by mid-2014.

Oil prices were also affected by the International Energy Agency’s decision not to release more oil from emergency stocks, reports Reuters.