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.
Go deeper with GlobalData
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.
See Also:
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
