Brent crude has risen towards $105 per barrel due to Japan’s ambitious economic stimulation plan.
Brent crude rose 58 cents to $104.70 per barrel, after dropping to an eight-month low last week (and recording its worst week since June).
US crude rose 33 cents to $93.03 per barrel, after showing its biggest weekly loss in more than six months.
While a massive injection of monetary stimulus from the Bank of Japan (which promises to inject $1.4 trillion into its economy inside two years) will support the outlook for oil, weak data from the United States will keep gains in check.
March saw American employers hire at the weakest pace in nine months, adding 88,000 jobs.
When data on China’s economic condition for March is released, expected to show evidence of moderate recovery, that too will impact on oil prices.
