Crude prices edged up in Asia today as traders awaited a European Union summit later this week that will focus on finding a resolution to the region's debt crisis.
New York's main contract, light sweet crude for delivery in January, gained 15 cents to $101.43 a barrel. Brent North Sea crude for January delivery rose three cents to $110.84.
Euro zone debt fears hung over the market as traders awaited the meeting on Thursday and Friday, analysts said.
Standard & Poor's ratings agency on Monday placed Germany and France and 13 other euro nations on negative watch and warned of a downgrade if their leaders were unable to come up with a coherent resolution to the debt crisis.
Meanwhile, Greek lawmakers have approved a 2012 budget pledging tough fiscal goals demanded by its EU partners in return for fresh loans.
