Brent crude remained steady at $119.01 over the US Federal Reserves’ statement to support growth in the world’s top oil consumer, raising hopes of an economic recovery and oil demand.

Brent slipped 11 cents today but held above $119 despite a higher than expected US inventory figure.

US crude fell 4 cents to $104.08 as gasoline stockpiles fell by 2.24 million barrels and crude stocks rose to 4 million barrels in the week to 20 April, for the fifth consecutive week.

The prospect of a loss of supplies from Iran has helped drive oil markets higher this year, but evidence of rising output from fellow OPEC producers has capped gains, reports Reuters.