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HuaweiASTANA — Oil-rich Kazakhstan has ruled out adopting alternative energy methods for now saying that it will continue to exploit its vast natural resources for economical reasons.
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Oil steadied above $112 per barrel on Friday after figures showed fewer people out of work in the United States, the world’s biggest oil consumer. Data from the United States this week suggested a nascent recovery, and further confirmation came on Friday from the non-farm payrolls which rose 114,000 in September, up from 96,000 in August.
Oil slid below $112 per barrel on Friday as investors awaited data that is expected to show US unemployment is on the rise, reinforcing concern that a fragile global economic recovery is still under threat.
Brent crude oil rose above $109 per barrel on Thursday as escalating tensions between Syria and Turkey raised more concerns over the security of oil supplies from the Middle East.
Crude turned higher in Asia on Thursday as traders cheered US data showing better-than-expected private sector hiring and a pick up in the service industry, analysts said.
Oil prices slipped on Wednesday on weak energy demand concerns as traders looked ahead to the release of US crude inventory data, analysts said.
Brent crude oil slipped to around $112 a barrel on Tuesday as investors weighed a weaker outlook for fuel demand and sluggish economic growth against the risk of possible supply disruptions.
Iraq plans to export 2.9 million barrels of oil per day in 2013 and hopes to increase production to 3.4 million bpd by the end of this year, a high-ranking official said on Tuesday.
LONDON - Oil prices were firmer above $112 on Friday as plans for economic reform in Spain temporarily eased investor concerns about Europe’s debt crisis, whilst tight gasoline supply in the United States also helped to underpin the crude market.