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Brent crude oil gained on Wednesday, with investors awaiting the outcome of the meeting this week of the producer group OPEC, while gains were capped by worries about Europe’s debt crisis and prospects for oil demand.

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Oil prices extended losses on Tuesday as New York crude struck an eight-month low with euphoria fading over a bailout deal for Spanish banks, while OPEC maintained its demand forecast.

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Oil prices fell to below $83 a barrel on Friday in Asia after Federal Reserve Chairman Ben Bernanke gave no hint that the central bank is planning stimulus measures to revive a faltering recovery.

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Oil prices rose above $85 a barrel Wednesday in Asia after a report showed U.S. crude supplies fell more than expected, suggesting demand may be improving.

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Oil fell further in Asian trade Monday as worries about demand weighed on investors still spooked by weak economic data from the US and China, analysts said.

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LONDON - Oil fell to a 16-month low below $98 per barrel on Friday as weak jobs data, poor manufacturing data from China and a spiralling euro zone debt crisis deepened worries over the prospects for global economic growth.

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Brent oil prices sank under $100 a barrel on Friday for the first time in eight months, hit by weak Chinese and US data and eurozone debt tensions centred on Spain.

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Oil fell towards $103 on Thursday as disappointing data from the United States and India fuelled nervousness around the global demand outlook, compounding eurozone worries and putting oil on course for its biggest monthly percentage drop in two years.

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Brent crude oil rose above $107 per barrel on Monday as fears of a euro zone break-up.

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