Oil rose to a three-month high amid speculation that euro zone leaders will be able to make progress in resolving the debt crisis in the region at the meetings this week.

Futures rose 1.7% after it, as German Chancellor Angela Merkel said that the possibility of some concessions to Greece. Recall that Merkel and French President Francois Hollande is due to meet in Berlin on August 23, before the separate talks with Greek Prime Minister Antonis Samaras.

Against the background of Standard & Poors index to its highest closing level in four years, and the appreciation of the euro against the dollar to its highest level since July 5 has increased the attractiveness of oil as a tool for investment.

Prices also rose ahead of reports from the U.S., which will be presented this week and can show that the U.S. economy starts growing after the recession in the second quarter.

September futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 97.31 per barrel.

September futures price of North Sea Brent crude oil mix is ​​now $ 115.00 a barrel on the ICE Futures Europe Exchange.

Gold futures rose to an 11-week high due to the increased probability of the introduction of new measures by the European Central Bank to resolve the ongoing debt crisis in the region.

Also, market participants are awaiting publication of the minutes of the meeting FOMC, which is expected tomorrow, and may shed light on how soon do another round of quantitative easing.

Rising gold prices accelerated after breaking key technical resistance level at a value of $ 1633 per ounce, causing automatic buy orders amid bullish signals on the chart.

Also positively influenced by the price of gold today conducted auction of treasury bills in Spain. It is learned that Spain has placed T-bills in the amount of 4.515 billion euros against the planned 3.5-4.5 billion euros

Meanwhile, investors expect a series of upcoming meetings of the leaders of the euro zone, amid hopes that they will give us something to help solve the debt crisis.

The cost of the August gold futures on the COMEX is now 1637.5 dollars per ounce.

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Oil 95.94 -0.03 -0.03%