Oil up as concerns over slowing China growth ease-The Shaan News
By Unknown - Tuesday, April 24, 2012
SINGAPORE: Oil prices edged higher in Asian trade Tuesday on easing concerns about a sharp economic slowdown in China, the world's biggest energy user, analysts said.
However, economic and political uncertainty in Europe capped prices and a weaker euro was helping dampen demand for dollar-priced crude.
New York's main contract, West Texas Intermediate crude for delivery in June was up six cents to $103.17 per barrel while Brent North Sea crude for June gained 14 cents to $118.85 in morning trade.
Oil prices had slipped on Monday following an HSBC purchasing managers' index showing China's manufacturing activity contracted for a sixth straight month in April.
Analysts, however, said there was a silver lining in the data that indicated recovering demand in the world's second largest economy.
The PMI reading was 49.1 in April, up from 48.3 in March, denoting an improvement but no return to expansion just yet. A reading below 50 indicates contraction while anything above 50 shows growth. (AFP)(Geo News)
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