Tuesday, 17 January 2012

Brent oil targets $108.75/bbl -technicals | HALALTAMWEEL.COM

Brent oil targets $108.75/bbl -technicals

1/17/2012 10:06:52 AM

SINGAPORE:Brent crude futures rose on Tuesday, staying above $111 on expectations of steady demand growth after the world's second-largest oil consumer, China, posted an economic expansion that beat forecasts.

The data eased oil investor worries that Europe's debt crisis is forcing China's factories to pare output and reduce energy consumption. The latest numbers give another prop to prices that have hovered around $110 a barrel since the beginning of the year, fuelled by escalating tension in the Middle East over Iran's nuclear programme.

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