New York: Brent crude touched a three-month high on Wednesday after better-than-expected economic data out of Europe spurred optimism about the global economy before oil pared gains with surprisingly weak US growth numbers.
Sentiment drew further support from declines in US refined product stocks, although crude oil inventories rose sharply.
Brent crude futures settled 54 cents higher at $114.90 (Dh421.68) a barrel after hitting $115.24, their highest since October 16. US crude oil settled up 37 cents at $97.94.
US RBOB gasoline futures broke the $3.00 a gallon mark for the first time since the end of September, settling up over 2 per cent at $3.0387.
