Brent crude gained today after the European Council agreed to create a single supervisory body for eurozone banks to restructure the region’s debt crisis, a move which could lift global oil demand.

Brent crude rose by $1.67 to $93.03 a barrel while US crude was up by $1.92 to $79.61, as the nation’s weekly jobless benefit claims dropped.

Financial markets were optimistic following the EU’s announcement, however, the dollar index .DXY fell by more than one percent, reported Reuters.