Oil prices were boosted today thanks to the positive economic data from the US, the world’s top oil consumer, which revived hopes of a recovery in demand growth. However the gains were capped because of the worsening outlook from Europe.

"Brent crude rose by 27 cents to $108.12 a barrel while US oil gained 33 cents to $86.06, reports Reuters."

The positive economic news from the US closely followed data from world’s second main oil consumer, China, which also indicated a slow and steady recovery in the economy of the country.

Prices, particularly Brent crude, were also supported by maintenance-related curbs from North Sea production, in which the Buzzard field has continuously delayed restarting its production.

Brent crude rose by 27 cents to $108.12 a barrel while US oil gained 33 cents to $86.06, reports Reuters.

The data from Energy Information Administration (EIA) shows that US crude stocks climbed by 5.9 million barrels last week, as increased imports and refinery utilisation fell.

The continuing violence in the Middle East and Iran’s ongoing dispute with Israel and the West over its nuclear programme are supported to supply concerns.