Oil crude futures rose above $107 on Thursday, helped by bigger-than-expected stock draws in the United States and tensions around Iran, while stronger German data offset some of the negative sentiment generated by Wednesday's poor bond auction, Reuters reported.
EU countries have been discussing a further extension of sanctions on Iran over its nuclear program and France has been pushing for this to include a ban on imports of Iranian oil.
Israeli Prime Minister Benjamin Netanyahu called on Wednesday for stronger sanctions on Iran than those imposed this week by the United States, Britain and Canada to try to curb its nuclear ambitions.