Oil lingers near $85 a barrel in Asia as traders weigh signs of China recovery, ample supplies
BANGKOK – Oil hung near $85 a barrel Friday in Asia as traders weighed ample supplies against signs of recovery in China's economy that could boost demand for fuel. Benchmark crude for December delivery was down 1 cent at $85. 08 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 65 cents to close at $85. 09 in New York. New factory production and retail sales figures from China, which is one of the world's biggest consumers of crude, added to signs an economic recovery is taking shape after a painful slowdown. But the improvements in China's economy are still too modest to make up for weakness in Europe and the U.S. Supplies of crude, meanwhile, are high and more than enough to meet modest growth in demand. U.S. oil production is at 17-year highs.
Oil lingers near $85 a barrel in Asia as traders weigh signs of China recovery, ample supplies
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Oil lingers near $85 a barrel in Asia as traders weigh signs of China recovery, ample supplies
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- bangkok
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Oil hung near $85 a barrel Friday in Asia as traders weighed ample supplies against signs of recovery in China's economy that could boost demand for fuel.
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