Oil prices rose this morning after US data alleviated fears of a renewed recession and Europe moved closer to resolving its debt crisis.

Brent crude rose by 12¢ to $106 a barrel and US November crude traded up 47¢ at $83.45, its strongest intraday high since 29 September, reports Reuters.

On Sunday, leaders in France and Germany promised a new plan to recapitalise eurozone banks by the end of the month.

In the US, more workers were hired in September, easing fears of a double-dip recession in the country.