Global oil prices advanced past $87 a barrel mark in Asian trade Wednesday despite talks failed to resolve concerns over the euro zone debt crisis. Light sweet crude for September delivery was seen trading at $87.06 a barrel at 12.30 p.m Singapore time while London’s Brent crude was at $109.31 a barrel on the ICE Exchange. Heating oil rose 1.3 cents to $2.95 a gallon while Gasoline advanced 1.1 cents at $2.71 a gallon in Nymex. Natural Gas futures gained 0.3 cents at $3.94 per 1,000 cubic feet. Analysts however said the black Gold is likely to remain highly volatile after the meeting of French and German leaders failed to ease market concerns over the euro zone debt crisis. They said French-German proposal to give the euro zone bloc a ‘true economic government ‘were not received much accolade from investors and traders. French President Nicholas Sarkozy and German Chancellor Angela Merkel also proposed an EU-wide tax on financial transactions and seek to create a euro zone governing body headed by European Union. Dip in US Gasoline stockpiles also contributed to oil’s gains as industry-funded American Petroleum Institute said country’s gasoline stockpiles fell last week to the lowest since June 2009 On Tuesday, oil eased as worries about global economic growth continued to cast a shadow over the market. West Texas Intermediate crude for September delivery lost $1.23 to close at $86.65 a barrel while Brent North Sea contract for September gave up 44 cents a barrel to end at $109.47.

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