Brent crude futures rose above $107 per barrel on Wednesday as a disruption in supply from Nigeria and Libya supported prices, while promising data from top consumer United States also boosted investor sentiment.
But easing worries over Ukraine - after the US President and his allies agreed to hold off on more damaging economic sanctions against Russia, the world’s top oil producer, unless Moscow goes beyond the seizure of Crimea - kept a lid on crude price gains.
Brent crude for May delivery rose 19 cents to $107.18 by 0730 GMT, after closing up 18 cents in the previous session. US oil climbed 17 cents to $99.36 a barrel, partly reversing Tuesday’s loss of 41 cents.
“Nigeria, because it’s light crude, may have more effect on Brent, which is holding up over WTI,” said Jonathan Barratt, chief executive of Sydney-based commodities firm Barratt’s Bulletin.
