Oil prices rose by more than 10% this evening after better than expected US February retail sales data and ahead of a weekend OPEC meeting.
US crude rose $4.29 to $46.62 a barrel, while London Brent crude gained $3.75 to $45.15. The US retail sales numbers included a 3.4% rise in petrol sales, the biggest increase since 2007.
Data showing a continued surge in bank lending in China in February fed optimism that economic activity could soon rebound, helping demand for oil.
Some support also came ahead of the meeting of ministers of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna on Sunday.
The producer group, the source of about a third of global crude oil supply, is widely expected to talk about stricter compliance with its existing output cuts rather than further reductions. But some members, such as Iraq and Kuwait, have said an additional cut might be necessary.
