Brent crude increased by 40 cents to $105.06 per barrel, while US crude rose by 34 cents to $93.70 per barrel, reported Reuters.
Data released on Tuesday showed that in March the world’s second-biggest oil consumer, China’s, annual consumer inflation eased to 2.1% from 3.2% in February, while producer price deflation expanded.
Oil prices also received a boost from uncertainties over escalating tension in North Korea and a deadlock in negotiations between Iran and Western nations.
In its latest move, North Korea has almost closed its last major project with its South Korea neighbour, sparking concerns it might conduct another nuclear weapons test or missile launch.
Weekend discussions between Iran and the West, regarding the former’s controversial nuclear programme, ended without a resolution.
Investors are now keeping a close watch on key US inventory data for the week ending 5 April, which is expected to be released on Tuesday and Wednesday.
A survey conducted by Reuters analysts suggests that crude stockpiles are likely to rise by 1.5 million barrels.
On Tuesday, the American Petroleum Institute is expected to release its data, while the Energy Information Administration will publish its data on Wednesday.
Image: In March, China’s annual consumer inflation eased to 2.1% from 3.2% in February. Photo courtesy of Ecow.