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Oil was higher in the Asian trade today but lingering concerns over waning US demand will limit prices, analysts said.
New York’s main contract, light sweet crude for June delivery, advanced 80 cents to $97.71 a barrel and Brent North Sea crude for July delivery gained 57 cents to $110.56.
US government data showed a plunge in home construction in April, triggering concerns about the health of the world’s largest economy.
The US is the world’s biggest oil consumer. Apart from the US, there are also growing concerns over the euro-zone economies and China, analysts said.
Investors will be awaiting the release later today of a widely watched weekly US Department of Energy report on oil stockpiles in the country.
Analysts expect the DoE report to show a build-up in crude and other oil stocks which will indicate Americans are consuming less oil.
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