Brent Steady Above $113/B On Key European, US Data

Published on Wednesday, 15 Aug 08:54 am

Brent futures held steady above $113/B on Tuesday as investors awaited GDP data of Germany and France to gauge the region’s demand outlook, while tensions in the Middle East supported prices. A steeper than expected drop in growth numbers from France and Germany could boost the dollar, in turn weighing on commodities which are priced in the dollar. On the other hand, ongoing political tensions in the Middle East provided a floor on oil (Reuters). Brent had slipped 25 cents to $113.35/B, while US crude gained 3 cents to $92.76/B.

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