Published on Fri, Mar 12, 2010 at 10:42
Oil was steady above USD 82 on Friday, poised for a second consecutive weekly increase, on views that energy demand would continue to grow despite any efforts by China to tighten monetary policy further on rising inflation.
Chinese crude imports soared to their second-highest daily average on record in February, customs data showed on Wednesday, a day before the government said consumer inflation soared to a 16-month high.
"By tightening they are lowering the probability that the economy overheats, and that gives you a more stable outlook for energy demand over coming years," said Ben Westmore, a commodities analyst at the National Australia Bank.
Source: http://www.moneycontrol.com/news/commodities/oil-steady-above-3682-set-for-2nd-weekly-gain_446378.html
Oil was steady above USD 82 on Friday, poised for a second consecutive weekly increase, on views that energy demand would continue to grow despite any efforts by China to tighten monetary policy further on rising inflation.
Chinese crude imports soared to their second-highest daily average on record in February, customs data showed on Wednesday, a day before the government said consumer inflation soared to a 16-month high.
"By tightening they are lowering the probability that the economy overheats, and that gives you a more stable outlook for energy demand over coming years," said Ben Westmore, a commodities analyst at the National Australia Bank.
Source: http://www.moneycontrol.com/news/commodities/oil-steady-above-3682-set-for-2nd-weekly-gain_446378.html
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