Oil prices climb before US inventory data

Oil prices climbed on Thursday amid increased risk appetite and as the market awaited the latest weekly snapshot of energy inventories in the United States, analysts said. New York's main contract, West Texas Intermediate crude for delivery in February, gained $1.01 to $101.60 a barrel. Brent North Sea crude for March delivery won 72 cents to $111.38 in London midday deals. "Crude oil prices are rallying today, with Brent and WTI firmly above $111 and $101 a barrel respectively," said Jack Pollard, an analyst at Sucden Financial Research. "Bullish (supply and demand) fundamentals are seemingly underpinned by a recent resurgence in risk appetite, with tentative optimism over the eurozone, evidenced in easing credit market pressures, and a continued firmer tone to US data." The US Department of Energy will at 1530 GMT publish data on the levels of energy inventories in the United States, which is the world's biggest consumer of crude oil. The data is being released a day later than usual owing to a public holiday in the United States at the start of this week.