Oil prices steady before US energy inventory data

19th October 2011, Comments 0 comments

Crude prices steadied on Wednesday as traders awaited the release of official energy inventory data from the United States, the world's biggest oil consumer.

New York's main contract, light sweet crude for delivery in November, rose 21 cents to $88.55 a barrel ahead of the weekly data due at 1430 GMT.

Brent North Sea crude for December dipped 13 cents to $111.02 in London deals.

Oil rallied Tuesday on a report that France and Germany had agreed to boost the EU rescue fund to 2.0 trillion euros ($2.74 trillion), adding confidence that leaders would take firm action on the eurozone crisis this weekend.

Traders ignored data showing that economic growth in China -- the world's biggest energy consumer -- slowed to 9.1 percent in the third quarter.

© 2011 AFP

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