Brent inches up toward $114; euro zone policy eyed
SINGAPORE — Brent crude inched up on Tuesday, but prices stayed near $114 a barrel as investors sought clarity on policies to help the euro zone after the European Central Bank squashed speculation about further steps to contain the debt crisis.
Trading is expected to be rangebound as supply concerns stemming from Middle East tensions and maintenance issues in the North Sea offset signs of weak global demand.
"It has to do more with how much money there is to be managed and whether it's 'risk on' or 'risk off'; the market is reacting more to movements in currencies and stocks," said Ryoma Furumi, commodities sales manager, Newedge Japan.
"Trading could be choppy, it would lack direction and will depend on what new headlines come out" on the economic front.
Brent crude for October delivery rose 29 cents to $113.99 per barrel at 0233 GMT, after swinging in an almost two-dollar range on Monday.
US crude added 8 cents to $96.05 per barrel. — Reuters