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Weak growth numbers from the euro zone could boost the dollar and weigh on commodities that are priced in the greenback.
Brent crude gained 39 cents to $113.99 a barrel by 0647 GMT, after closing 65 cents up at its highest settlement since May 3. US crude gained 50 cents to $93.23 a barrel, after ending 14 cents lower.
France’s economy recorded zero growth for a third straight quarter in the three months to end-June, while German GDP grew 0.3 percent in the second quarter. Numbers from both the euro zone powerhouses marginally exceeded expectations.
The dollar has weakened so far on Tuesday, with the index down 0.17 percent partly due to expectations central banks will initiate more measures to stimulate growth as the global economic outlook worsens.
Investors across markets stayed cautious ahead of the data with the euro holding on to gains, base metals edging lower and gold inching up on more policy hopes.
Apart from European growth numbers, markets were also eyeing July retail sales data from the United States for an indication on the health of the world’s biggest economy. Economists in a Reuters survey expect a 0.3 percent rise compared with a 0.5 percent decrease in June.
Brent will trade between $111 and $115 a barrel unless the situation in the Middle East worsens, while the US benchmark will swing in a $2-a-barrel range, Newedge’s Furumi said.
Apart from tensions in the Middle East, a fall in North Sea production of about 17 percent in September from August, mainly due to a drop in Forties crude output may also support the European benchmark.
Analysts at ANZ said in a daily note that Brent may stabilise in a $110-115 range, with the increase in tension in the Middle East or a steeper decline in North Sea output bringing “the $120 technical target into play”.
Brent looks neutral in a range of $113.14-$114.68 per barrel, according to Reuters market analyst Wang Tao, with any escape pointing to future direction. He added that U.S. oil was biased to fall more to its Aug. 10 low of $91.71.
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