Brent crude rose yesterday above $114 (Dh418.74) a barrel, adding to gains in the previous session, on hopes that developments in highly indebted Italy and Greece were part of a move to help avert a crisis.
By 9.14am, Brent crude futures were 52 cents a barrel firmer at $114.23, after settling Thursday up $1.40. US light crude futures meanwhile traded 55 cents higher at $98.33 a barrel, after closing at a 15-week high of $97.78.
Italy's Senate was due to vote yesterday on austerity measures demanded by the European Union to avert a Eurozone meltdown; while a new emergency government is expected.
Greece's prime minister designate was due to name a new crisis cabinet yesterday that will roll out painful austerity measures and calm the political turmoil that has threatened to bankrupt Athens.
"Prices are still quite strong, given the environment. The focus is still the debt crisis in the Eurozone: the headwinds from there abate somewhat with the new government in Greece and the pending Berlusconi resignation," said Commerzbank's Carsten Fritsch.