Brent Could Reach New Highs This Week on U.S. Economic Data

Brent crude oil began the week trading that $113.21 on Monday morning. The commodity has found support from signs that the world's largest economies are recovering as well as rising tension within the Middle East.

The U.S. has been posting positive economic data in recent weeks and leading investors to believe that the world's largest oil consuming nation is on track for recovery. This week, investors will be waiting for the results of a U.S. Federal Reserve policy meeting which will conclude on Wednesday. The Fed is expected to keep interest rates low until unemployment rates drop to 6.5 percent.

U.S. unemployment data is also due out later in the week, but many expect that figure to be unchanged at 7.8 percent.

With two significant indicators of U.S. economic health due out this week, some are expecting to see big changes in the oil market.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.