Global oil prices advanced in Asian trade Monday on renewed hopes of energy demand in Europe after debt ridden Greece received a much needed bailout package, which could boost economic recovery in the region.

The black Gold rose as much as five percent Monday while Futures climbed 0.5 percent immediately after Europe authorized a loan payout for Greece.

London’s Brent crude gained 0.1 percent after Goldman Sachs Group Inc. lowered its estimate for the amount its price forecasts may fall following the International Energy Agency’s release of strategic stockpiles.

Light sweet crude for August delivery was seen trading at $95.31 at 12.30 p.m Singapore time while Brent oil for August settlement was at $111.84 a barrel.

Nymex floor trading is closed today for the July 4 holiday. Electronic trades will be booked with tomorrow’s transactions for settlement purposes.

Brent Crude Oil futures for August 2011 delivery ended the week’s trading session at $111.50 a barrel on the ICE Futures Exchange yesterday

The European benchmark contract traded at a premium of $16.60 to New York-traded West Texas Intermediate. The spread reached a record $22.29 a barrel on June 15.

Prices dropped 4.6 percent June 23 after the IEA said members will release 60 million barrels of oil from strategic reserves over 30 days to make up for a Libyan production shortfall.

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