Oil prices were higher in Asian trade today, supported by buoyant economic data from the US and Germany as well as concerns over Iran's nuclear programme.
New York's main contract, West Texas Intermediate light sweet crude for April delivery, rose 72 cents to $108.55, while Brent North Sea crude for April gained 37 cents to $123.99.
Positive economic news from the US and Germany as well as the continuing tension in Iran are factors supporting oil prices, analysts said.
German business confidence unexpectedly rose to a seven-month high as robust domestic demand helped buffer the European Union's largest economy against the region's debt crisis, data from the Ifo economic institute showed.
Traders were also buoyed by US data showing initial jobless claims holding steady, a sign that the ailing labour market in the world's largest economy and biggest oil consumer was slowly improving.
Meanwhile, UN nuclear inspectors returned from Iran on Wednesday with no progress in their search for answers from Tehran on its alleged bid to develop nuclear weapons, leading Washington to brand the trip a "failure".
Iran has been hit by a raft of economic sanctions by the US, United Nations and the European Union over its refusal to halt uranium enrichment activities. Tehran insists that its nuclear programme is solely for peaceful civilian purposes.
