New York - Oil prices are climbing as talks continue to resolve debt issues in the US and Europe.
Benchmark crude for September delivery rose 75 cents to $98.61 a barrel in morning trading on the New York Mercantile Exchange. Brent crude added $1.01 at $118.07 per barrel on the ICE Futures exchange.
US congressional leaders are working on a plan to raise the nation's debt limit before an August 2 deadline. In Europe, leaders of France and Germany will meet later Wednesday in an effort to reach agreement on a financial bailout package for Greece.
Investors are concerned that the debt issues could cause more problems for the global economy and weaken demand for oil.
The US Energy Information Administration reported Wednesday that crude inventories declined by 3.7 million barrels in the week ended July 15. The total was 0.5% less than year-ago levels.