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HuaweiOil rose in Asian trade on Friday as the market cheered a successful Spanish bond sale, but gains were limited by downbeat US economic data, analysts said.
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Oil prices hovered above $104 a barrel Wednesday in Asia after a report showed U.S. crude supplies jumped more than expected for a fourth week, suggesting demand remains weak.
Oil prices rose to near $104 a barrel Tuesday in Asia after strong demand for Spanish debt in a sale of 12- and 18-month notes eased some fears that Europe’s debt crisis could soon flare again.
Top oil exporter Saudi Arabia is determined to bring down high oil prices and is working with fellow Opec members to accomplish that, Oil Minister Ali Al Naimi said on Friday.
Oil held near $123 a barrel on Monday, supported by signs of an improving economy in China, and actual and threatened supply disruptions in the Middle East and Africa.
Oil rose above $123 a barrel on Friday, reversing three straight sessions of losses, supported by a weaker dollar and expectations of tight gasoline supplies in the world’s largest oil consumer the United States.
Dubai’s benchmark stock index led declines in the Gulf as oil dropped and US government data showed that orders placed with factories for durable goods rose less than economists estimated.