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04 Feb '13, 5am

Brent steadies above $116 on economy hopes, Middle East worries: SINGAPORE (Reuters) - Brent crude steadied abov...

Brent steadies above $116 on economy hopes, Middle East worries: SINGAPORE (Reuters) - Brent crude steadied abov...

SINGAPORE (Reuters) - Brent crude steadied above $116 per barrel on Monday, holding near a more than four-month high, as data from top consumers United States and China reinforced a view that the global economy was headed for a modest uptick this year. Positive U.S. employment numbers and confirmation of a mild recovery in China, evidenced by purchasing manager surveys, allayed some concerns about weak fuel demand from the world's two biggest oil users. "We are now seeing a consistent story of moderate growth in the U.S. and China, which is supportive of oil prices in general," said Ric Spooner , chief market analyst at CMC Markets in Sydney. "This will probably be a week of consolidation." Brent traded 14 cents lower at $116.62 per barrel at 0340 GMT, holding near a 4-1/2-month high of $117.07 reached on Friday. It has risen for three straight weeks. U.S. crude slipped 18...

Full article: http://news.yahoo.com/brent-steadies-above-116-economy-ho...

Tweets

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businessgreen.com 04 Feb '13, 3pm

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