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Oil markets held steady above $110 a barrel on hopes of demand growth as positive data from the US raised expectations of economic expansion gaining strength in the world’s top oil-consuming nation.

Brent crude decreased ¢23 to $110.75 a barrel and is set to post a weekly gain of 1%, while US crude fell ten cents to $99.60.Furthermore, supply threats increased after Iran said it may stop exports to the EU.

Investors were also worried about Greece’s debt crisis and how it may affect the global economy if policymakers aren’t able to resolve it soon, reports Reuters.

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By GlobalData