Brent crude oil futures rose above $103 a barrel on Friday and are set for the first monthly rise in five months, after comments from Federal Reserve governors that the US central bank is in no rush to curtail its massive bond-buying programme.
The North Sea benchmark, however, is still on track for a third quarterly loss - the longest such streak since 1997/98 - on persistent worries about the state of the global economy and its impact on oil demand.
The latest Fed comments appeased investors who had worried that the central bank would soon ease its unprecedented bond-buying stimulus programme, which could derail oil demand in the world’s largest oil consumer.
Brent crude oil futures gained 18 cents to $103.00 a barrel by 0638 GMT, after hitting a session low of $102.44 earlier as investors sold off gains from the previous session.
US crude oil rose 32 cents to $97.37 a barrel. Thursday’s settlement price was higher mostly on the comments by the Fed governors, said Ken Hasegawa, a commodity sales manager at Newedge Japan.
