February saw the euro region's industrial orders gain, representing the fifth straight month of climbs. Capital goods demand spearheaded the boost as did the U.K. economy during the first quarter while development in the service industry soared. The U.S. dollar's market value was close to its lowest price in 16 months when compared to the euro and in 24 months against the pound.
"Both demand data and macroeconomic data continue to surprise to the upside and despite worries of slowdown from higher prices, we haven’t seen any effects yet," according to an email from Amrita Sen, a London-based oil analyst at Barclays. "That's what is supporting prices."
At 12:30 p.m. on Wednesday, Brent crude oil futures rose 0.68 percent, an 0.85 cent climb to $124.99 per barrel.
One analyst predicted the energy commodity is likely to continue gaining while apprehension about dwindling materials mounts.
"Fears about loss of supply could still push prices higher," Roland Stenzel, an oil trader at E&T Energie Handelsgesellschaft mbH, told the news service.
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