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Oil prices steady around $76

Oil - Prices around $76
Oil - Prices around $76

Oil prices were steady around $76 at the end of a volatile week which saw dealers trying to get a fix on the energy demand outlook amid mixed data.

US crude for delivery in August rose $0.09 to $76.73 a barrel.

Brent North Sea crude for September was unchanged at $76.09 in midday London trade.

Doubts about the strength of the US recovery were fuelled by reports yesterday that manufacturing activity in the state of New York and in the Philadelphia region was weaker than expected.

The strength of the economic rebound in the United States is being closely watched by investors because it consumes more energy than any other country in the world.

Oil prices fell yesterday after indicators signalled slowing growth in both the United States and China, the world's top energy consuming nations.

Sentiment had been dampened after the Federal Reserve said US growth figures were trimmed at a June meeting of its policy-setting Federal Open Market Committee (FOMC).