Oil prices rose this evening as steps by Italy and Greece to address their economic and political crises and improved US consumer sentiment helped lift crude and stock markets.
Brent was on track to post a third straight weekly gain, and US crude its sixth consecutive weekly rise. The euro rallied against the dollar, and the dollar index slipped 1.2%, also providing a boost to dollar-denominated oil.
Italy's Senate approved a new budget law, clearing the way for lower house approval on Saturday and the formation of a new government, while Lucas Papademos was sworn in as Greek prime minister.
A survey also showed that US consumer sentiment rose to its highest level in five months in early November as Americans felt better about the economic outlook.
Brent crude rose 51 cents to $114.22 a barrel, while US crude rose $1.11 to $98.89 a barrel.
