Brent crude steadied on Monday, after briefly turning negative, as the market weighed the impact of contrasting economic data from the world\'s two biggest oil consumers on fuel demand. Oil prices rose after European policymakers approved an emergency bailout for Greece and strong US economic data calmed fears over weakening demand. But soft manufacturing data from China and ongoing concerns over Europe\'s debt crisis pared oil\'s earlier gains. Analysts also cautioned it was too soon to say the US recovery had overcome the malaise of the first half of 2011. ICE Brent crude was up 8 cents to $111.85 a barrel by 0619 GMT, after falling as much as 47 cents. US crude was at $95.25 a barrel, up 31 cents. Article continues below \"The US data and the Eurozone news is helped oil prices yesterday, although with US markets closed for a holiday, trading will be thin and based very much on technicals,\" ANZ Bank oil analyst Serene Lim said. Eurozone finance ministers on Saturday approved a ¤12 billion installment of Greece\'s bailout and said details of a second aid package for Athens would be finalised by mid-September. The news followed the release of data on Friday showing the pace of growth in US manufacturing picking up for the first time in four months. Weekly US oil inventory data from industry group the American Petroleum Institute and the government\'s Department of Energy will be delayed by a day to tomorrow and Thursday, respectively, due to Monday\'s Independence Day holiday. According to technical charts, Brent crude needs to clear resistance at $113 a barrel before developing a decent rally towards a short-term resistance target at $121.47.
GMT 12:01 2018 Tuesday ,23 January
Bahrain Bourse daily trading performanceGMT 19:16 2018 Monday ,22 January
TRA responds to hoax Dh5,000 VPN fine SMSGMT 13:09 2018 Sunday ,21 January
Bahrain Bourse daily trading performanceGMT 13:50 2018 Friday ,19 January
US SEC says bitcoin funds raise ‘investor protection issues’GMT 06:50 2018 Friday ,19 January
European stocks mostly advance on bright global outlookGMT 09:12 2018 Thursday ,18 January
European stock markets join global downtrendGMT 17:06 2018 Wednesday ,17 January
China temporarily waives taxes to get foreign firms to stayGMT 17:01 2018 Wednesday ,17 January
JPMorgan Chase earnings drop on weak trading, tax itemsMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor