Oil prices steady as recession fears counter positive Chinese signals
Oil prices were steady on Monday as China’s continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession.
Brent crude futures rose 17 cents, or 0.2%, to $91.80 a barrel by 0915 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was at $85.67 a barrel, up 6 cents, or 0.1%, after a 7.6% decline last week.
China’s central bank rolled over maturing medium-term policy loans on Monday while keeping the interest rate unchanged for a second month, in a signal that the central bank would continue to maintain loose monetary policy.
