Brent crude gained $1.18 at $98.79 a barrel after Greece’s pro-bailout political party’s victory ahead of a G20 meeting in Mexico today.

Focus has now shifted to Europe’s other debt-hit economies such as Spain and Italy. Meanwhile Greek political parties favouring the bailout package will begin forming a government.

US crude oil also rose 75 cents to $84.78, reported Reuters.

Investors are also awaiting China’s HSBC flash manufacturing PMI and a Federal Open Market Committee meeting later in the week, as well as the start of nuclear talks in Moscow, Russia, between world powers and Iran.