Conjecture about euro zone lawmakers' ability to stem the sovereign debt crisis pushed up oil futures, Bloomberg reports.
Also driving the energy commodity higher on Tuesday were indications that stockpiles in the U.S. are decreasing in number. A Wednesday report from the U.S. Energy Department is expected to indicate crude supplies in the U.S. dropped 1.5 million barrels.
"The market is focusing on the robust, medium-term fundamentals and ignoring bearish factors," senior analyst Torbjoern Kjus of DnB NOR in Oslo. "Based on the news flow over the past two months, Brent should be lower, maybe down to $100."
Crude oil futures closed the Tuesday session having increased 0.87 percent, a $1.01 rise to $117.06 per barrel.
The Associated Press reports Evangelos Venizelos, the Greek minister of finance, said euro zone officials convening Thursday for an emergency meeting in Brussels might be able to reach a deal. Private bond holders and governments of the European nations might succeed at designing a rescue plan for the Aegean nation by the time the summit occurs, he told the news service.
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