Brent steady above $111 on stronger demand outlook

Brent crude held steady above $111 a barrel on Tuesday, just off an 11-week high hit the previous day, on an improving demand outlook after recent strong global economic numbers and also worries of lower supplies.

Oil prices surged 1.6 percent on Monday after data showed U.S. factory activity expanded last month at its fastest pace in 2-1/2 years. That came after a report showing manufacturing growth in China, the world’s No. 2 oil consumer, hit an 18-month high in November.