The prices of oil was little changed Friday, with crude steadying around $102 a barrel, however, prices were on track for a weekly fall as weak demand weighed on sentiment.
Growth fears, weak demand and plentiful supplies of crude and refined products weighed on oil prices in early Asian trades, and overshadowed upbeat manufacturing data from China.
Hopes for a pick-up in demand were boosted in the previous session by HSBC`s preliminary Purchasing Managers Index (PMI) of Chinese manufacturing activity, which leapt to an 18-month high of 52.0 in July, a further sign the world`s second-largest economy is gaining momentum.
Later on Thursday, the International Monetary Fund (IMF) cut its 2014 forecast for global economic growth citing weak start in the year in the United States and China, the world`s two biggest oil consumers.
- Crude oil edged 0.07% lower to trade at $ 102.00 a barrel
- Brent oil was at $ 107.14 a barrel, 0.07% higher
Investors kept an eye on events in Eastern Europe, as the United States and its allies plan another round of harsh sanctions against Russia for its support of rebels who have been accused, and for allegedly shooting down a Malaysian Airlines jet last Thursday.
Ukraine is a major conduit for Russian natural gas exports to Europe, and there are concerns the sanctions could disrupt supplies.
In other NYMEX trading:
- NYMEX Gasoline added 0.20% to trade at $ 284.25
- NYMEX Heating Oil rose 0.18% to trade at $ 287.62