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A week in oil - Oil prices steady after subdued trading

Last updated: 19:30 16 Mar 2013 AEDT, First published: 20:30 16 Mar 2013 AEDT

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Oil prices were holding steady into the weekend after a largely subdued few days.

Brent crude futures picked up again in Friday trading as US economics continues to dominate the agenda in the oil market.

Positive manufacturing data buoyed sentiment, backing up Thursday’s upbeat job numbers and added to the feeling that America, the world’s largest oil consumer, was feeling its way to a recovery.

On Wednesday, American stockpile data disappointed with a bigger than expected increase in the crude surplus, which rose 2.6mln barrels to 384mln.

But while the figures point to the US being amply supplied job numbers from the Labor Department showed that economic activity, and therefore demand, could be picking up.

The data revealed an unexpected improvement, for the second week in a row.

Meanwhile the escalating rhetoric in regards to Iran is also keeping a floor under the energy market, as disruptions in the oil producing region may squeeze supplies.

In London trading on Friday, Brent crude futures were up US$1.20 changing hands at US$110.30, while America’s West Texas Intermediary futures were up 40 cents at US$93.40.

 

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