Oil markets rose today ahead of a two-day EU summit in Brussels later this week, which may try to resolve the region’s debt crisis as Cyprus seeks emergency funding.

Brent crude gained by 73 cents to $91.74 a barrel, while US crude climbed 27 cents to $79.48 aided by a decline in crude stockpiles to 700,000-barrels last week.

EU governments also approved an embargo on Iranian oil to start on 1 July 2012, reported Reuters.

Investors stayed away from riskier assets owing to supply disruptions in Norway and Argentina due to labour strikes.