November crude oil prices traded higher during the early morning hours, fueled by growing hopes that Euro leaders may be close to a resolution to the debt crisis. That optimism has fueled a risk-on mentality across most commodity markets, pressured the US Dollar lower and sent global equity markets to new multi-session highs. November Brent crude oil traded above $106 in early morning action but has since retreated from its best levels. There were reports that Libyan oil production was slowly coming back online, highlighted by reports of Italian energy company ENI restarting production at 15 wells. There were also comments from Total overnight indicating that they saw opportunity for greater North Sea production.