Brent crude is set to recover from its worst quarter since 2008 as a European Union ban on Iranian oil takes effect, central banks act to protect growth and on speculation OPEC will curb some of its excess supply.
Brent crude stayed above $93 per barrel on Thursday after rallying on an output cut by Norway and positive economic data from the United States, while investors eyed a summit of EU leaders that is unlikely to produce concrete measures to contain the bloc's protracted debt crisis.
Brent crude steadied around USD 96 a barrel on Tuesday, staying close to 16-month lows hit in the prior session, as Spain's rising borrowing cost showed Europe is nowhere near resolving its debt crisis that has hurt the outlook for fuel demand.
Oil prices rose above $100 a barrel on Wednesday as investors hoped a European Central Bank (ECB) policy meeting later would steer the euro zone out of crises.
Russia has been pumping hundreds of thousands of barrels of oil per day more than Saudi Arabia and is confident it can increase output year on year, Energy Ministry data showed, contradicting a report the kingdom has become the world's biggest producer.
Venezuela has sent a third shipment of diesel to Syria, the energy minister said on 
Friday, underscoring President Hugo Chavez's support of the Middle East country .
The European Union will impose tougher sanctions on Iran if it fails to take concrete steps to allay international concerns over its nuclear programme, British Foreign Secretary William Hague said on Monday.
There was enough oil supply in the market to absorb the impact of international sanctions on Iran, Total chief executive said on Monday .
Brent crude held steady above $119 a barrel on Tuesday, with an expansion in Chinese manufacturing helping to counter gloomier economic outlooks from the euro zone and the United States that could depress fuel demand.
Stocks fell at Wednesday's open, retreating from their biggest rally in a month in the previous session, while yields on Treasuries held steady as fears of a resurgence in the euro zone debt crisis boosted demand for safe-havens.
