Brent crude rebounded to above $122 on Wednesday, halting a two-day decline, on fears that the Libya conflict could settle into a bloody stalemate, while a sudden disruption in Kuwaiti oil exports boosted sentiment.
The market shrugged off concerns raised by the IEA and IMF earlier this week that high oil prices are beginning to dent oil demand, as well as a Goldman Sachs forecast that Brent prices would decline sharply.
ICE Brent crude for May rose $1.22 to $122.14 a barrel by 0642 GMT after hitting a high of $122.19. U.S. crude for May delivery reversed earlier losses, and climbed 66 cents to $106.91 a barrel.
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