Brent crude oil increased above $109 a barrel today on hopes that euro zone stimulus may increase the region’s economy and oil demand.
Brent rose 26 cents to $109.05 a barrel, while US crude was at $102.50 a barrel, Reuters reported.
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The European Central Bank has unveiled a series of measures to invest money into the slow-moving euro zone economy.
Investors are also awaiting key jobs data from the US to strengthen hopes that the country is on a recovery path.
News of the European stimulus and elevated US crude inventories widened Brent’s premium to West Texas Intermediate (WTI) CL-LCO1=R to settle above $6 a barrel on Thursday, after hitting nearly a month’s low earlier in the session, Reuters reported.
The news agency said total crude inventories remain high in the US, even though new pipeline capacities have drained stocks at WTI’s delivery point in Cushing, Oklahoma, to the lowest since 2008.
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By GlobalDataThe gains of oil were limited and investors are watching developments in Ukraine.
Several investors recently felt that the Ukraine crisis may increase tensions between Russia and the West, affecting energy supplies to Europe.
