Oil rises ahead of China data
Oil topped $112 per barrel topped as investors awaited evidence of economic growth in top energy consumer China.
Investors will closely monitor China's trade data for December, due on Thursday, for confirmation that Beijing is on a steady yet slow path to recovery.
Brent futures were up 84 cents at $112.24 per barrel by 12.59 GMT, after reaching a session high of $112.47. US crude traded up 36 cents at $93.55.
The outlook for oil prices this year will be coloured by concerns that global supplies will outstrip demand, said Tony Nunan, oil risk manager for Mitsubishi Corp in Tokyo.
"The global economy is the big thing for oil prices, and it's still not clear which way it's headed," said Mr Nunan.
"The big issues are China's growth and how OPEC manages the oversupply."
The International Energy Agency (IEA) last month forecast demand in 2013 will rise by 865,000 barrels per day while supply from non-OPEC countries will rise by 890,000 barrels per day, driven by a jump in U.S. shale oil production.