Brent oil prices firmed on Wednesday as business morale in the eurozone's top two economies improved, offsetting concerns about oversupply that has filled fuel storage tanks around the world.
Germany, Europe's largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo's business climate index showed.
Business morale also rose in France to its highest for nearly three years.
Brent crude oil was up 18 cents at $55.29 a barrel by 1117 GMT. US light crude oil was down 29 cents at $47.22 per barrel.
US crude oil inventories rose by 4.8 million barrels in the week to March 20, data from the American Petroleum Institute (API) showed on Tuesday, pushing total US crude oil stockpiles to record highs above 450 million barrels.
Chinese crude oil stocks are also at historic highs and the country's commercial and strategic storage is almost full, a Sinopec trading executive told an industry forum on Wednesday.
With storage approaching its limit, China's oil imports will likely stay flat or rise only slightly this year, the official said. – Reuters, March 25, 2015.
