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HuaweiLONDON - Oil held steady on Tuesday after China’s economy showed signs of improvement, offsetting further evidence of damage to Europe’s economy.
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Oil sank below $89 a barrel Monday in Asia as an escalation in Spain’s debt crisis and a warning on China’s growth prospects suggested demand for crude will weaken.
Oil prices fell on Friday, snapping a string of seven straight higher settlements, as the euro zone debt crisis brought economic concerns back in focus and strengthened the dollar.
SINGAPORE - Brent crude held above $107 on Friday, edging lower after a surge of 20 percent in four weeks prompted some selling as Israel signalled it would not rush into any open conflict over a deadly attack on its citizens, easing geopolitical worries.
Oil rose above $90 a barrel in Asia for the first time since May after the US government said oil demand is on the rise and regional stock markets rebounded on strong earnings and improved US economic data.
Global oil prices dipped Wednesday amid a strong dollar and as traders looked ahead to more testimony from Federal Reserve Chairman Ben Bernanke and the latest snapshot of US energy inventories.
Kuwait Energy, Dubai-based Dragon Oil and Turkiye Petrolleri signed an agreement in Baghdad to explore for crude in southern Iraq along the Iranian border.
WASHINGTON - US consumer prices were flat in June as the cost of gasoline dropped, offering some relief for cash-strapped Americans and scope for the Federal Reserve to ease monetary policy further to help the faltering recovery.
Oil hovered above $88 a barrel on Tuesday amid hopes China and the US will take new steps to bolster their economies.
World oil prices rebounded Friday, reversing earlier losses, as traders speculated that the Chinese government could implement more stimulus measures to combat weaker economic growth.