Friday 15 April 2011

Oil steady as China growth holds, eyes inflation | Reuters

Brent crude held steady above $122 a barrel on Friday after China's economic growth beat forecasts despite government efforts to cool expansion and put the brakes on inflation.

Strong growth in the world's second-largest oil consumer is bullish for fuel demand, but may stoke concern that Beijing will tighten monetary policy again in moves that could slow consumption.

Prices were also supported by nagging worries that more supply in the Middle East and Africa could be at risk as fighting in Libya continued.

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