MELBOURNE : Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year.Brent crude futures retreated by 46 cents, or 0.5 per cent, to $87.17 at 0
MELBOURNE : Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year.
International Energy Agency head Fatih Birol on Friday said energy markets could tighten this year if the Chinese economy rebounds the way financial institutions expect. The jump in China's traffic ahead of the Lunar New Year holiday bodes well for fuel demand after the two-week vacation.
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