Brent crude oil futures surged to nearly USD 111 a barrel on Tuesday, rising for the fifth straight session as investor optimism ahead of earnings season lifted markets.
Brent crude's 11%, five-day gain was the biggest since August 2009 and marks a sharp rebound from the eight-month low close below USD 100 just a week ago.
Crude futures fell sharply earlier on worries over the health of Europe's economy as its top financial watchdog said the euro zone's sovereign debt crisis threatened global economic stability.
By 12:45 pm EDT (1645 GMT), Brent crude for November delivery had risen USD 1.35 to USD 110.30. It peaked at USD 110.81, the highest since September 21, from from the early low of USD 107.45.
US November crude was up 33 cents at USD 85.74, having climbed from an early low of USD 83.97. Both Brent and US crude have broken above their 50-day averages.
"It looks like the stock market turned higher and crude is following it," said Mark Waggoner, president at Excel Futures in Bend, Oregon.
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