Brent crude rose $1.21 to $116.12 a barrel today amid hopes of fresh stimulus measures from the US Federal Reserve Bank, which could boost oil demand.
US crude also rose 95 cents at $98.21 a barrel, as investors are looking out for Tropical Storm Isaac, which may turn into a hurricane, a cause for concern for energy interests in the Gulf of Mexico.
Prices could, however, face a set back over weak HSBC Flash China manufacturing purchasing managers index from China, which fell to 47.8 in August, thereby limiting gains.
Increasing violence in Syria and tensions between Iran and western nations are also weighing in on supply disruptions, reports Reuters.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData