SINGAPORE: Crude prices rose in Asian trade Thursday as Europe sealed a "blockbuster" deal to contain its debt crisis, analysts said.
New York's main contract, light sweet crude for delivery in December, gained $1.67 to $91.87 per barrel.
Brent North Sea crude for December delivery added $1.23 to $110.14.
A grand deal hammered out by European leaders Thursday to rescue the eurozone from a persistent debt crisis sent crude markets soaring, said Victor Shum, senior principal at Purvin and Gertz energy consultants in Singapore.
"It's the market's knee-jerk reaction to the announcement of the European deal," he told AFP.
"This could well be a turning point (for oil prices). It looks like a blockbuster deal," Shum added, referencing crude markets' slump over recent months due to worries over the eurozone debt crisis.
Europe sealed the deal Thursday to fix its festering debt problems, shoring up its bailout fund, pledging new funds for Greece and persuading banks to share the pain at a summit vital to the health of the global economy.
After days of talks and two successive summits, EU president Herman Van Rompuy emerged in the early hours saying: "We took important decisions."
Asian equities markets as well as the euro soared immediately after the announcement, with Tokyo rising 1.15 percent, Hong Kong adding 1.74 percent, Seoul gaining 0.89 percent and Shanghai up 0.39 percent.
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