LONDON--Crude-oil futures rebounded in London trading Thursday after falls in the previous session with some support from geopolitical tension, but the market is waiting for upcoming U.S. data before moving out of its current range.
Brent crude for February delivery was up 70 cents, or 0.7%, at $107.86 a barrel on ICE Futures Europe. U.S. crude-oil futures were up 46 cents at $92.72 a barrel on the New York Mercantile Exchange.
"The market is looking for direction, and all eyes are looking at the U.S. non-farm payroll data which will come out on Friday," said Gareth Lewis-Davies, an analyst at BNP Paribas in London.
The data have gained more significance since the announcement that U.S. economic stimulus would be rolled back, as a stronger economy could prompt swifter tapering, Mr Lewis-Davies said.
Although some Libyan oil has returned to the market, ongoing tensions in the country's industry are buoying the international market because they threaten to keep supply tight.
On Wednesday, the central government in Tripoli warned foreign companies against agreeing oil deals with rebel groups. Earlier in the week the Libyan navy used force to prevent an oil tanker from entering a rebel-controlled port.
Libyan output is down to 650,000 barrels of crude oil per day, of which 510,000 barrels per day are exported, according to Commerzbank.
Iraq, which has said it plans to ramp up production this year, is also subject to internal tensions between its two main ethnic groups.
The tension "calls into question Iraq's ability to increase it's oil production this year," BNP Paribas's Mr. Lewis- Davies said.
The ICE's gasoil contract for January delivery was up $1.00 cents at $913.25 a metric ton, while Nymex gasoline for February delivery was up 159 points at $2.6722 a gallon.
