Labour talks fail in Norway, hopes of easing monetary policy in China prop Brent to US$99

Brent crude climbed toward US$99 a barrel as failed labour talks in Norway fuelled concerns of a total output shutdown, while hopes China would ease monetary policy and improve fuel demand also supported prices, as per Reuters. Brent rose to US$98.8 while oil on the Nymex inched up to US$84.9. Data from top energy consumer China showed further cooling of annual consumer inflation in June, leaving room for Beijing to ease policy without stoking upward price pressures and helping most commodities recover from steep losses triggered by bleak US jobs data in the previous session.
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