Oil prices rose this morning as US strong economic data overshadowed fears of a fall in demand in the world’s biggest oil consumer.

US crude futures increased by 32¢ to stand at $97.56 a barrel, and Brent crude rose by $3.09 to settle at $106.73, reports Reuters.

Furthermore, US crude oil inventories fell heavily last week as imports fell and refiners drew down stocks for end-of-year tax purposes.