Brent crude rose by 3¢ to stand at $112.77 a barrel by 07.27 GMT today as unresolved EU debt issues weigh on the global growth outlook.
A 2.2 million barrel surge in US oil stockpiles tempered higher gains, but Brent is set to rise by more than 4% in the first week of 2012 as Iran threatens to shut the Strait of Hormuz, the world’s most important oil route, reports Reuters.
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February Brent crude fell by 22¢ to $112.52 a barrel and US crude was down 25¢ to $101.56.
Investors are worried that the eurozone situation could worsen, reducing growth in the US and slowing the Chinese economy, reports Reuters.
