Brent Set For Largest Weekly Gain in a Month

Brent crude oil stood poised to end the first week of July with its largest weekly gain in one month. The commodity traded at $105.52 at 6:303 GMT on Friday morning as investors waited for jobs data from the US. Most are expecting the US to release positive jobs figures, as the nation's economic recovery is likely to have created more jobs. Positive data would translate into a better fuel demand outlook for the number one oil consuming nation which could give oil prices a boost. However, since the US Federal Reserve announced it was planning to taper its quantitative easing program Brent prices have been on a roller coaster as investors look for clues as to when the bank is going to start rolling in its bond buying stimulus, which has added liquidity to the markets. Positive jobs data could be seen as evidence that the bank is getting closer to pulling back its spending. Brent also found support from the central banks in England and the eurozone, as both committed to expansionary policy for the future. Geopolitical tension has buoyed Brent prices as well as ongoing conflict in the Middle East threatened to spread and interrupt supply. Egyptian President Mohamed Mursi's toppled government has driven a wedge in the Middle East as Islamists in Tunisia condemned the event, calling it a coup; while Gulf Arab leaders rejoiced. Although many worried that the Egyptian uprising would affect the Suez Canal, where much of the region's oil shipments pass,

, reported that thus far, the canal has been unaffected.