Brent crude oil futures rose above 111 dollars a barrel, today, as severe weather cut oil output in Europe and the United States, and as traders awaited a U.S. jobs report. Aiding Brent's rise was data showing the U.S. economy grew faster than initially estimated in the third quarter. So Brent rose 57 cents, at 111.55 dollars a barrel. US crude lost 15 cents, at 97.23 dollars a barrel. US crude, buoyed by a drop in U.S. crude stockpiles, has gained 5 percent this week and is on track for its best weekly showing in five months. But the gains were curbed by speculation that positive economic data would prompt the U.S. Federal Reserve to start unwinding its bond-buying programme. The rally in WTI over the past week has caused Brent's premium to the U.S. benchmark to narrow by almost 5 dollars.
News On AIR | December 6, 2013 5:06 PM
Crude oil edges above $111