Crude oil prices rise on the back of Euro summit hopes
CRUDE oil prices rose in Asia this morning as regional stock markets surged on optimism of the European summit resolving the euro zone debt crisis.
US crude rose 66 cents to $88.06 a barrel, while Brent North Sea crude gained 65 cents to $110.21.
Major Asian stock markets surged, lifted by positive remarks by European leaders at the Brussels talks.
Officials including IMF chief Christine Lagarde hailed the "good progress" made at the summit aimed at overcoming a crisis that threatens to pitch the world into a fresh recession.