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Brent crude was steady today on positive housing and consumer confidence data from the US, raising expectations of improved demand from the world’s top oil consumer.

Brent crude was steady at $104.09 per barrel, after slipping by 14 cents, while US crude dropped by 25 cents to $94.76, reported Reuters.

On Tuesday, the US released its data, which showed that home prices have shot up significantly in nearly seven years in March, while growing consumer confidence indicated a revival.

Oil markets have remained under pressure in 2013, mainly due to concerns about global economic health, and after China released poor manufacturing data and on apprehensions that the US Federal Reserve may scale back its easy money programme.

On the other hand, prices have received some support due to the worsening conflict in Syria, which led to worries about supply disruptions from the oil-rich Middle East.

On Tuesday, Britain and France announced that they would not wait until 1 August to arm rebels fighting Syrian President Bashar al-Assad.

Russia has said that it will not cancel its plans to deliver an air defence system to the conflict-ridden nation.


Image: US data showed that home prices shot up in March. Photo courtesy of freedigitalphotos.

Energy