US Crude Gains on Europe Debt Action
U.S. crude rose towards $100 a barrel on Friday, gaining for a fourth straight session, supported by Europe's sweeping new action on the debt crisis and the International Energy Agency's decision to not release more oil from emergency reserves.
U.S. light, sweet crude [CLCV1 99.46 
0.33 (+0.33%) 
] for September climbed 25 cents to $99.38 a barrel, adding to gains from the previous session.
London Brent crude [LCOCV1 117.62 0.11 (+0.09%) ] rose 50 cents to $118.01 a barrel.
Euro zone leaders have agreed on a bold rescue package for debt-stricken Greece and will give their financial rescue fund sweeping new powers to prevent market instability spreading through the region.
The world's top oil consuming countries decided against releasing more stocks into the market even though high prices still weigh on the global economy, saying they believed producers have started pumping more.
Efforts to craft a broad $3 trillion deficit-reduction deal gained traction on Thursday as the White House and top lawmakers scrambled to sort through competing options and stave off a devastating U.S. national debt default.
India has a back-up plan to cope with a halt to crude supplies from Iran, its oil minister said, as Tehran upped the ante in an oil payments row and Indian refiners rushed to secure alternative supplies, including from Saudi Arabia.