Brent Crude Oil Rose Above $126 Ahead of U.S. Oil Data

Brent crude oil rose above 126 dollars on last week as expectations for a build in U.S. crude inventories offset improving economic sentiment in the world's top oil consumer.
Brent crude was two cents to 126.20 dollars a barrel, after settling at an 11-month high of 126.22 dollars last week Tuesday. U.S. crude rose 12 cents to 106.83 dollars.
"The U.S. economy seems more buoyant, so that is keeping the market up," said Tony Nunan, a risk manager at Mitsubishi Corp.

Brent crude oil rose above 126 dollars on last week as expectations for a build in U.S. crude inventories offset improving economic sentiment in the world's top oil consumer.
Brent crude was two cents to 126.20 dollars a barrel, after settling at an 11-month high of 126.22 dollars last week Tuesday. U.S. crude rose 12 cents to 106.83 dollars.
"The U.S. economy seems more buoyant, so that is keeping the market up," said Tony Nunan, a risk manager at Mitsubishi Corp.
"What will bring oil prices off is if we get strong builds in inventories. Supply seems to be sufficient, with OPEC producing at high levels to make up for any shortfall."
U.S. commercial crude oil stockpiles were forecast to have climbed 1.7 million barrels, according to a media survey of analysts.
Gasoline stocks were expected to be down 1.0 million barrels, while distillates to have fallen 1.3 million.
The industry group American Petroleum Industry on Tuesday estimated U.S. crude inventories rose 2.8 million barrels in the week to March 9.
Increasing U.S. oil supplies could slow the market's recent rally, with Brent up more than 17 per cent and U.S. crude up nearly 8 per cent so far this year.
Bullish sentiment has been fueled by rising hopes of a U.S. economic recovery and tensions between Iran and the West over the OPEC producer's nuclear programme.
The U.S. central bank also slightly upgraded its economic outlook on Tuesday last week.
It added that, it expected "moderate" growth over coming quarters and a gradual decline in the unemployment rate, although it said the jobless rate "remains elevated".
U.S. retail sales posted their largest rise in five months in February, data showed on Tuesday, and reflecting growing confidence by Americans to purchase goods.
Top exporter Saudi Arabia and other Gulf producers say surging oil markets are beyond their control and prices could spike higher unless tensions between the West and Iran subside.