Brent steadies higher than $110 after positive US data (Reuters) (27-01-2012)

SINGAPORE – Brent crude steadied over $110 on Friday hoping for a steady demand growth after positive data from the United States gave hopes for economic expansion.

Brent crude lost 23 cents to $110.75 a barrel by 2:42 a.m ET, and is poised to post a weekly gain of about 1 percent, reversing two weeks of losses. U.S. crude slipped 10 cents to $99.60, and is set to rise about 1.2 percent this week, also reversing two weeks of losses.

Oil investors also remain worried about Greece's persistent debt crisis and how it may affect the global economy if policymakers aren't able to resolve it soon.

The pull and push factors will keep the U.S. benchmark trading in a $95 to $105 a barrel range, with Brent being about $10 higher.

Brent is estimated to revisit $108.91, as the rise from this Wednesday's low seems to be a rebound, while U.S. oil has been stuck in a range with a good chance of falling to $97.45.

Source: Reuters