By JENNY GROSS LONDON— Brent crude futures climbed to a near one-month high Tuesday, gaining alongside European equities, amid optimism about growing demand from Asia. At 0947 GMT, the May Brent contract on London's ICE futures exchange was at $111.52 a barrel, up 44 cents, or 0.4%. The Nymex light, sweet crude for May delivery was at $97.17 a barrel, up 10 cents or 0.1%. Saudi Arabia Oil Minister Ali al-Naimi said Monday he expects higher demand for Saudi oil in the second quarter, particularly from Asia. Saudi Arabia is the world's top oil producer by volume. Euro zone factory activity shrank in March at its fastest rate in three months, according to data provider Markit. Falls in output accelerated in Austria, the Netherlands, Italy, Spain, France and Greece. Commerzbank CBK.XE +0.96% said in a note that the fact that oil prices have been able to gain despite unfavorable conditions can be interpreted as a sign of an incipient trend reversal. "This confirms our view that demand is being underestimated by many market players and is likely to prove surprisingly positive." Clues to the course of monetary policy could come later in the week, with the Bank of Japan's policy announcement and the European Central Bank's rate-setting meeting Thursday . At 0949 GMT, the ICE's gasoil contract for May delivery was rose $15.25, or 1.7%, at $937.25 per metric ton, while Nymex gasoline for May delivery was down 53 points, or 0.2%, at $3.0970 per gallon.

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