Crude oil futures reached their record level on Monday on optimism over euro zone’s debt situation. Crude oil futures contract for January delivery surged 1.5 percent or $1.44 to settle at $98.21 per barrel on the New York Mercantile Exchange. The respective contract touched its intraday high of $100.74 per barrel which happens to be its record high.

Investors were optimistic on the euro zone situation and hoped that a solution for the region’s debt problems will be found soon. As per the latest news, the European officials have finally agreed on a plan to raise a bailout fund for the euro zone.

Other than the euro zone news, weaker US dollar also supported the commodities and crude oil futures. The dollar index DXY which measures the US dollar’s performance versus its six major counterparts fell to 79.276 on Monday as compared to 79.688 on Friday’s North American trading session.

Among other commodities, gasoline futures contract for December delivery gained 2.8 percent or $0.07 to $2.52 per gallon. Heating oil futures for the same month delivery surged 1.5 percent or $0.04 to $2.97 per gallon. Natural gas futures for December delivery however fell 5 percent or $0.18 to 43.36 per million British thermal units.