Oil prices yo-yo amid Europe growth concerns and Mid East tensions

18-Feb-13

Oil on the Nymex dipped to US$95.6, while Brent crude rose marginally to US$117.7 a barrel on Monday, supported by expectation of improving global growth despite some weak US data damping prices at the end of last week, and tensions in the Middle East. US economic data revealed that US hit a bump on its road to recovery in January, with industrial production falling and manufacturing off to a weak start. But a rebound in factory activity in New York State in February may indicate any setback would be temporary. Additionally, the Chinese are expected to support the market when they return after the Lunar New Year holidays and its economy is also heading to an upside that should support commodities.