Brent crude traded around $110 a barrel today on hopes of strong demand growth from the US and China.
Brent was down 20 cents at $109.79 a barrel while US oil increased 20 cents to $104.61 a barrel, Reuters reported.
Go deeper with GlobalData
The People’s Bank of China has reduced the required level of reserves for banks with sizeable loans to the farming sector and small to medium-size companies, helping support the economy.
Reuters reported that oil also secured support from expectations of a drop in US crude inventories, indicating healthy consumption as the summer driving season gets started.
The expected decline in the US crude stockpiles of 1.5 million barrels, according to a preliminary Reuters poll, comes days after jobs data showed employment returning to its pre-recession peak.
US jobs rose above 200,000 in May 2014 and the data helped Asian shares to reach their highest levels in about three years.
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 Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet in Vienna on Wednesday to decide oil output targets.
The group is anticipated to maintain its production target at 30 million barrels per day until the prices hold around the existing levels.
