Oil prices were mixed in Asian trade today as a lift in regional stock markets was dampened by concerns of a slowdown in China’s economy, analysts said.
New York’s main contract, light sweet crude for delivery in April, gained 15 cents to $92.21 a barrel in the morning trade. Brent North Sea crude for April delivery was down two cents at $110.18 in volatile trading.
Most regional stocks were buoyed by improving data out of the United States, where upbeat jobs numbers are fuelling optimism over the health of the world’s biggest economy.
Official figures released on Friday showed the US unemployment rate slipping to a four-year low of 7.7 per cent and jobs growth picking up more than expected.
Other analysts, however, said that investors also remain concerned over data signalling a slowdown in China, the world’s second biggest economy.
Chinese inflation hit a 10-month high in February while growth in industrial production and retail sales eased, according to official data released on Saturday.
“The data releases over the week-end suggest that China’s economic rebound is faltering sooner than even we had expected,” research house Capital Economics said in a report.
“Growth in industrial production and retail sales slowed in the first two months of the year... we continue to believe that growth is likely to slow later this year.”
China is the world’s biggest energy consuming nation.