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2/18/2013 3:07:30 PM
Brent crude oil began the week trading steadily below $118 as geopolitical tension and an overall positive sentiment regarding the global economy supported prices. The commodity traded at $117.89 at 8:45 GMT on Monday morning.
Data last week put pressure on Brent prices after eurozone nations posted large drops in GDP, indicating the region still had a long way to go toward recovery.
The US also released worrying figures that showed industrial production had fallen and that the nation's manufacturing sector was stalling. However, most believe the US economy is improving, and that small setbacks like this one are likely to be temporary.
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