Crude steadies above $90 on U.S. stimulus hopes, euro

Sun Jul 29, 2012 6:38pm EDT
 
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SINGAPORE (Reuters) - Ccrude prices steadied above $90 a barrel on Monday, as hopes for more stimulus from the United States balanced pressure from the lingering euro debt crisis.

FUNDAMENTALS

NYMEX crude for September traded unchanged at $90.13 in early Asia trading, after rising 74 cents the previous session.

Brent crude edged down eight cents at $106.39 a barrel.

U.S. economic growth slowed in the second quarter as consumers in the world's top oil user spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery.

Canada's Enbridge Inc (ENB.TO: Quote) on Sunday worked to repair a major pipeline that spilled more than 1,000 barrels of oil in a Wisconsin field, provoking fresh ire from Washington over the latest in a series of leaks.

MARKETS NEWS

German Chancellor Angela Merkel and French President Francois Hollande pledged on Friday to do all in their power to protect the euro after discussing the latest events in the debt crisis by telephone.

The White House cut its outlook for U.S. growth in 2012 and 2013 on Friday, hours after data showed the economy grew at a tepid pace in the second quarter, raising concerns about a slowdown that could mar President Barack Obama's re-election chances.   Continued...