Oil prices climbed above $77 a barrel today as concerns eased about Europe’s economic troubles.

For the July contract, US crude gained 6¢ to stand at $77, while London Brent crude for August climbed 15¢ to $77.25 at 12.33 ET, reports Reuters.

Crude reached $77.19 a barrel, its highest level since 11 May.

Data from the American Petroleum Institute (API) revealed that US crude inventories rose to 579,000 barrels last week, while petrol supplies gained 1.3 million barrels and distillates increased to 2.1 million barrels.