SINGAPORE : Oil prices were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China's demand recovery.Brent crude slid 9 cents, or 0.1 per cent, to $82.91 a barrel
SINGAPORE : Oil prices were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China's demand recovery.
The benchmarks closed lower by about 4 per cent last week after the United States reported higher crude and gasoline inventories. Expectations that the U.S. Federal Reserve will continue raising interest rates which could strengthen the dollar also capped oil prices. A stronger greenback makes dollar-denominated oil more expensive for holders of other currencies.
In Asia, investors are eyeing the People's Bank of China's decision on its mortgage rates to support recovery in the property sector and its economy, CMC Markets analyst Tina Teng said. China is the world's largest crude oil importer.
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