Brent Steady at $114 As Global Economy Improves

Brent crude oil lost ground on Tuesday morning as concerns about a military strike in Syria eased. However, Brent held steady above $114 on hopes of a global demand revival sparked by the improving global economy. The commodity traded at $114.20 at 5:21 GMT on Tuesday morning.

China, the US and Europe have all released a steady stream of positive economic data recently, which has built up hope that the global economy has turned a corner. Now, investors will be anxious to see US jobs data, which is due out on Friday, for a clearer picture of the US economy.

The jobs data will likely play into the US Federal Reserve's plans to cut down on its stimulus spending. After days of trading on uncertainty in Syria, the Fed's taper will likely move to the forefront this week.

Related: Benzinga Market Primer: Tuesday, September 3: Obama Gambles On Congress Vote For Military Intervention In Syria

Despite Barack Obama's best efforts to convince Congress to support his plan to launch a military attack in Syria, CNBC reported that members from his own Democratic Party expressed concern over the idea on Monday. Lawmakers are worried that the US will be drawn into more Middle Eastern conflict if a military strike is carried out.

France released an intelligence report which claimed the chemical weapons attacks in Syria were coordinated by President Bashar al-Assad and his government. However, despite the evidence, there is a real lack of support for military intervention in the West, which is keeping the US from acting. Most see any military strike from the US as being quite small and unlikely to pull Syria's oil rich neighbors into the conflict.