World oil prices rose this evening, supported by upbeat global economic data and simmering Iran tensions, ahead of the latest monetary policy decisions from the US Federal Reserve.
US crude added 82 cents to $107.16 a barrel. Brent North Sea crude climbed $1.14 cents to $126.48 in London.
Hopes for higher crude consumption were lifted after data showed last week that the US economy added more than 200,000 jobs for the third straight month in February. The US is the world's largest oil user.
Today, US data showed that US retail sales grew 1.1% in February from January, their biggest increase in five months. Oil also won support from news that German investor confidence surged to the highest level for 21 months in March.
Crude prices had fallen on Monday as investors worried over the strength of worldwide demand following weak economic data in China, which is the world's biggest energy consuming nation.
