Brent stays above $114 on US economic optimism

Oil price: confidence in the US economy kept Brent crude prices above $114 per barrel on Wednesday

SCANPIX/AP

News Wires

 30 January 2013 06:56 GMT

Brent prices held above $114 per barrel on Wednesday on confidence in the US economy after a string of data out of the world's biggest oil consumer showed a recovery was gaining ground.

Although, Reuters said investors were cautious about making big bets ahead of a two-day Federal Reserve policy meeting and first estimates for fourth-quarter US gross domestic product due later in the day.

Brent crude edged up 2 cents to $114.38 per barrel by early Wednesday morning after reaching a more than three-month high in the previous session.

US crude was down 2 cents to $97.55, after gaining nearly 1.2% in the previous session.

"There are bullish reasons to see oil prices rise and our view is that, this week, we will continue to see…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index