An unnecessary development: oil prices surpass $112

Brent oil held steady above $112 per barrel as upbeat manufacturing data in China pointed to demand growth while conflicts in Iraq and Ukraine continued to underpin supply concerns.
Brent crude gained 2 cents to $112.38 a barrel by 1424 GMT. US oil gained 39 cents to $105.76 a barrel. The US oil benchmark drew support from forecasts that crude inventories fell last week. 
A preliminary Reuters poll estimated a decline of 2.3 million barrels.
The survey took place ahead of weekly inventory reports from industry group the American Petroleum Institute and the US Energy Information Administration.