Oil prices gained today amid hopes that the United States and Europe will announce new stimulus measures to raise flagging global oil demand.

Brent crude rose by 45 cents to $106.92 per barrel, while US crude gained by 61 cents to $90.74 a barrel, for the fifth consecutive day, reports Reuters.

Investors are awaiting the US non-farm payrolls data report and the European Central Bank’s policy-setting meeting slated for Thursday, while tensions rise in the Middle East region.