Brent crude rose 39 cents to $122.78 a barrel today as investors bet on a tighter US gasoline market in the peak summer driving season.

US crude futures were up 58 cents at $103.36 after posting its biggest two-day slide since mid-December 2011.

Prices were also supported by persistent worries over supply disruption in the Middle East.

The UK, US and France are considering a plan to release emergency stockpiles to ease these concerns, reports Reuters.