"Crude prices have made gains with the EIA forecast of a growth in oil consumption and hopes of a solution to Greek debt trouble," said Nick Trevethan, senior commodities strategist at ANZ Research. "Brent crude however is being capped at the USD 116.50 range," he told AFP.
In a report released yesterday, the United States Energy Information Administration forecast that worldwide fuel demand is set to accelerate over the next two years.
"EIA expects world markets to continue to gradually tighten in 2012 and 2013, as increases in global consumption outpace production growth," the report said. Meanwhile, Greek officials are looking to wrap up weeks of negotiations to save the country from a historic default.