Brent futures rose above $107 a barrel on Wednesday as outlook reports indicated global oil demand will rise more quickly this year due to accelerating economic growth in industrialised countries accelerates.
The economic growth will absorb more supply even as U.S. shale oil output reaches record highs, the International Energy Agency (IEA) said on Tuesday. The same day, the International Monetary Fund (IMF) raised its global growth forecast for the first time in nearly two years, saying advanced nations could pick up the mantle of growth from emerging markets.
Brent hit a nearly two-week high of $108.00 and ended 38 cents up and is currently at $ 107.26
Crude touched its highest in more than two weeks at $95.59.