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Oil Ends Flat As Weak Data Offsets Supplies Worries
Mar 6,2012 09:25CST
data analysis
Source:SMM
U.S. crude oil price ended slightly up on Monday as weak economic data offset supplies worries caused by Iran tension.

NEW YORK, Mar. 6 -- U.S. crude oil price ended slightly up on Monday as weak economic data offset supplies worries caused by Iran tension.

U.S. President Barack Obama and Israeli Prime Minister Benjamin Netanyahu met in Washington, discussing how to confront Iran over its nuclear program. Obama tried to press for more time for economic sanctions and diplomatic resolutions before Israel moved to any military steps against Tehran. But Netanyahu declared that "Israel must have the ability to defend itself, by itself, against any threat."

The U.S.-Israeli meeting further pushed the market's nerve on the edge as investors had already worried about Iranian oil supplies disruption in view of all the tensions between Iran and the West.

On the economic front, U.S. factory orders for January dropped 1.0 percent, the biggest decline since October 2010, according to data from the Commerce Department.

Besides, China lowered its economic growth target for 2012 to 7. 5 percent, which also weighed on oil demand and limited crude gains.

Light, sweet crude for April delivery added 2 cents to settle at 106.72 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for April delivery also traded flat around 124 dollars a barrel.

 

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