Oil prices got some relief today as weak US economic data weakened apprehensions that the US Federal Reserve will soon roll back its monetary stimulus programme.
Brent crude increased by 53 cents to $102.19 a barrel, while US crude jumped by 38 cents at $95.88 a barrel, reported Reuters.
On Wednesday, the US Government lowered its estimate of first-quarter economic growth to a 1.8% annual rate, down from an earlier estimate of 2.4%.
The US Energy Information Administration (EIA) has released its report, which said that US gasoline stocks increased 3.65 million barrels in the week ended 21 June, while in a Reuters survey, analysts had expected a build of 900,000 barrels.
The rise in the Brent benchmark was restricted by an unexpected jump in gasoline inventories in the US during the summer driving season.
Investors are now closely observing the US nonfarm payrolls data, which is expected to be released next week to get further clarity on the US economy.
Image: US Federal Reserve is unlikely to roll back its monetary stimulus soon due to weak economic data. Photo courtesy of freedigitalphotos.