Brent crude oil traded near $115 a barrel today following US President Barack Obama’s decision to help Iraq in tackling militant attacks.
Reuters reported that Brent touched a session peak of $114.69 a barrel, its highest since September, and reached $114.02, while US crude was up 75 cents to settle at $107.28.
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Oil was scheduled to gain more than 5% this week, while US crude was on track to experience its highest jump since December.
Investors are reportedly worried over violence in Iraq, which they think may disrupt oil supplies from the country.
The International Energy Agency (IEA) has released a forecast for June that suggests an increase of 1.3 million barrels per year in worldwide oil demand for 2014, to reach 92.8 million barrels.
Worldwide supplies increased 530,000bpd in May to reach 92.6 million barrels, due to an increase in non-OPEC production of 440,000 barrels, the monthly report informed subscribers.
OPEC supplies increased by 85,000 barrels to 29.99 million barrels in May, with increased Saudi output offsetting declines in Libya.
IEA raised its estimate for demand for OPEC crude oil in the second half of 2014 by 150,000bpd to an average of 30.9 million barrels per day.
