SINGAPORE: Brent crude futures eased to trade just under $111 per barrel on Thursday as traders eyed central bank meetings and economic data this week to get a better picture on the prospects for oil demand in the world's top consumers.
The Bank of Japan kept its policy unchanged as expected, awaiting a new leader who is seen ushering in bolder measures to try to end deflation, while the European Central Bank (ECB) meets later in the day.
ECB President Mario Draghi will address the press at 1330 GMT, with the focus on the outlook for the economy following recent dismal numbers. Key US non farm payroll data and China's trade figures are due in the next few days.
"We have a busy end of the week as far as macro economic data is concerned; the oil markets are watching out for those," said Ben le Brun, an analyst at OptionsXpress in Sydney.
Front-month Brent futures were trading 28 cents lower at $110.78 per barrel by 0501 GMT, after trading in a broad range of $110.46-$112.23 in the previous session.
US crude shed 12 cents to $90.31 per barrel after weakening in the previous session following higher than expected inventory numbers.
US crude stocks rose by 3.83 million barrels in the week to March 1, the Energy Information Administration said in its weekly report. Analysts had forecast a 500,000-barrel build.
Inventories rose as refinery utilization fell during winter plant maintenance season and in spite of a drop in imports to the world's biggest oil consumer.
"The fact that US crude stocks surged nearly eight times more than expected does point to weaker demand, which will weigh on the WTI," le Brun said, referring to the Western Texas Intermediate, the benchmark for US crude.
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