LONDON: Brent crude oil stayed below $112 per barrel on Wednesday, as a slightly more optimistic outlook for the global economy was offset by lingering concerns about Europe and increasing supply from the United States.
Front-month Brent futures shed 11 cents to $111.83 per barrel at 0932 GMT, after adding 54 cents on Tuesday. US crude was trading down 10 cents at $93.05 per barrel.
Alcoa, the largest aluminum producer in the United States, said late on Tuesday it was optimistic demand for the metal would continue to grow in 2013, as it posted in-line profit and beat expectations on revenue.
"Some industrial data was better than expected which is positive for potential crude demand, but it's not building on gains as a lot still needs to be worked out in Europe," said Sucden Financial research analyst Jack Pollard.
Moves were muted as investors awaited Chinese trade data, more US corporate earnings and the outcome of a European Central Bank policy meeting for insight on prospects for the world's largest economies.
China, the world's biggest energy consumer, will release its December trade figures on Thursday and fourth-quarter economic growth numbers on Jan. 18.
Reuters polls predicted that the trade numbers may show marginal improvement in the economy, although weak US and European demand may weigh on exports. Economic growth may have accelerated, ending seven quarters of weaker expansion.
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