Brent futures rose on Wednesday, holding above $110 a barrel on renewed optimism over steady demand growth in the world’s top oil consumer the United States following healthy economic data, with supply disruption concerns providing additional support.
Orders for long-lasting U.S. manufactured goods unexpectedly rose and consumer confidence perked up, underpinning risk assets and bolstering U.S. equity markets to another record close. Some analysts see the sharp gains in shares possibly prompting more profit-taking, however, and in turn dragging down oil.
Brent crude gained 24 cents to $110.26 at 0357 GMT after ending 30 cents lower as some profits were booked following a long holiday weekend. U.S. oil gained 2 cents to $104.13 after losing 24 cents in the previous session.
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