The price of crude oil rose on Tuesday after hopes that the European leaders and the regional central bank will take actions to resolve the prolonged debt crisis in the Eurozone.

The U. S. September crude futures rose to above $97 a barrel near the contract date. On the other hand, Brent October crude rose to $114.64 a barrel after touching a high of $115.58. September Brent touched $117.03 on Thursday before contract date and went off the board at $116.90 a barrel.

Factors like slower supply from North Sea oil production due to an upcoming maintenance, ongoing tensions between Iran and the western countries and Violence in Syria have pushed oil prices higher. These North Sea curbs and potential disruptions in the Middle East helped push prices above$100 a barrel.

There are expectations that a meeting to discuss the future of Greece involving he European Central

Bank will help resolve the Eurozone debt crisis. The European Union, European Central Bank and International Monetary Fund have been working to find the best way to resolve the crisis that is affecting the global economic growth.

Investors believe that meeting will provide some clarity on the future prospects of Greece and on the issue of ECB's plan to buy sovereign bonds. Greek Prime Minister Antonis Samaras is set meet German

Chancellor Angela Merkel, French President Francois Hollande and Eurogroup chief Jean-Claude Juncker in order to request for more funds from the European Union, International Monetary Fund and ECB.