The price of Brent crude oil rose above $124 a barrel this evening as upbeat economic data from China and the United States brightened oil demand prospects.
Concerns about disruptions of Iran oil supplies, already being reduced in the wake of Western sanctions against Tehran for its disputed nuclear program, remained supportive of prices.
In London, Brent was up $1.51 at $124.17 a barrel, off its earlier high of $124.65. US crude seesawed in choppy trading and was up 41 cents at $107.48, after hitting a session high of $107.97.
US jobless claims fell last week, the latest sign that the labour market recovery was gaining momentum. But other economic data showed the manufacturing sector cooled last month while construction spending fell in January.
Earlier, figures showed that China's factories grew by more than expected in February as new export orders for big companies bounced back.
