Brent steadies near $117 as traders eye ECB outcome

The waiting game: Brent crude was steady near $117 per barrel on Thursday as traders watched for the outcome of a European Central Bank meeting

AP/SCANPIX

Upstream Staff

 07 February 2013 05:11 GMT

Brent crude was steady in a tight range under $117 per barrel on Thursday as traders waited for the outcome of a European Central Bank (ECB) meeting and China trade data for more evidence the global oil demand outlook was improving.

According to a Reuters report, Brent has risen for three straight weeks as positive data signalled the global economy had turned a corner, boding well for fuel demand.

Meanwhile, simmering tensions in the Middle East have led to supply concerns, supporting prices, the news wire said.

Still, further gains may be harder to come by as the good news appears to be priced in and rising inventories in the US suggest that supplies are outpacing demand in the world's top oil consumer, traders have said.

"The markets have pretty much built in the fact…

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