Crude prices were up in Asian trade this morning as US equities rallied on news that euro zone leaders had clinched a bailout deal for debt-ridden Greece, analysts said.
New York's main contract, light sweet crude for September delivery, rose 47 cents to $99.60 a barrel in the afternoon.
Brent North Sea crude for delivery in September gained 42 cents to $117.93.
Traders were cheered by the bail-out package agreed upon by euro zone leaders yesterday.
The bailout included €109 billion in loans from the European Union and International Monetary Fund and €50 billion of funding from the private sector.
Separately, the International Energy Agency's declaration yesterday that it was 'not now seeking the release of additional' stocks of oil from strategic reserves in oil-consuming countries was also said to have lifted sentiment.
