The cost of oil has reached the three-month high

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.