The Marriner S. Eccles Federal Reserve Board Building

Brent crude gained 35 cents at $115.75 a barrel, which is the fifth consecutive rise in a session marked by hopes for the approval of a bailout fund for the eurozone from a court in Germany.

US crude for October delivery rose by three cents to $97.20 a barrel, supported by hopes of a third round of bond buying announcement by the Federal Reserve Bank.

Global oil markets were given differing outlooks by the US Government, which raised price forecasts for oil on stronger demand.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental organization, offered rising output data from the exporter group.

The two organisations expressed concern that oil prices could be further dragged down due to the worsening crisis in Europe.

In August 2012, OPEC production rose by about 260,000 barrels a day (bpd) as decreased exports from Iran were countered by other nations in the 12-member group.

Global oil demand growth forecast has been raised by the Energy Information Administration, which decreased its non-OPEC oil production for 2013, reports Reuters.


Image: The Marriner S. Eccles Federal Reserve Board Building in Washington DC, US. Photo courtey of: AgnosticPreachersKid.