Oil prices remained steady above $75 a barrel today as prospects for rising demand in emerging economies offset concerns about the impact of Europe’s debt crisis.
For July delivery, US crude remained unchanged at $75.12 a barrel at 05.05 GMT, while London Brent gained 12¢ to $75.32, reports Reuters.
Greece’s downgrade interrupted a global rally in stocks triggered by data showing that eurozone industrial output surged in April.
The global economic recovery is likely to be slow because China faces risks from factors such as trade protectionism and bad real estate loans, said China’s Banking Regulatory Commission.
Crude inventories are expected to have fallen 1.4 million barrels in the week ending 11 June, with distillate gaining 800,000 barrels and petrol inventories increasing by 500,000 barrels, according to a Reuters poll.