Brent oil traded above $112 per barrel today, as investor focus shifted back to demand after China’s factory growth increased to a six-month high.
Brent crude gained four cents to $112.40 a barrel while US oil increased 39 cents to $105.76 a barrel, Reuters reported.
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Oil prices have been affected recently following supply concerns over the Ukraine crisis and due to the takeover of large areas of Iraq by Sunni militants in the ongoing conflict.
Newly elected lawmakers in Iraq are meeting today to name a unity government in order to keep the country from dividing.
Reuters reported that Ukraine President Petro Poroshenko said government forces would renew offensive operations against rebels and free its lands, hours after a ceasefire to allow for peace talks with the pro-Russian separatists had expired.
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A preliminary poll by the news agency revealed that oil drew additional support from forecasts that suggested US crude inventories dropped 2.3 million barrels last week.
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By GlobalDataIt estimated distillate stockpiles increased 600,000 barrels, with gasoline inventories rising to 800,000 barrels.
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