Brent crude advanced after a three-day decline on signs that demand is strengthening as the economic recovery takes root in developed nations.
Futures gained as much as 1.5 percent in London. Global oil consumption will increase more this year than previously forecast as growth gathers momentum, the International Energy Agency said today in its monthly market report. Demand in developed countries expanded last year for the first time since 2010, the Paris-based IEA said. The People’s Bank of China yesterday added funds and expanded access to a lending facility as money-market rates surged.