U.S. crude oil prices on Wednesday broke the mark of 100 dollars a barrel for the first time since June 9 after opening flat as investors embraced political progress in Italy and Greece.
New Italian Prime Minister Mario Monti will form a government Wednesday. Markets hoped that the new government would push through harsh austerity plans to regain market confidence. Greece's new government will talk to Brussels about a bailout package after winning a confidence vote due on Wednesday.
Besides, recent U.S. economic data came in upbeat. On Wednesday, another convincing sign of economic strength lifted market sentiments. U.S. industrial production surged 0.7 percent in October, reflecting a strong 0.5 percent rise in manufacturing output and a 2.3 percent rebound in mining output. Meanwhile, the U.S. CPI for October declined 0.1 percent, clearing inflation uncertainties.
At ET 9:30, light, sweet crude for December delivery gained 1.44 dollars, or 1.45 percent to 100.81 dollars a barrel on the New York Mercantile Exchange.