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.
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) 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.
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.
Spain has at last conceded it may need a state bailout and policymakers are considering writing down Greek debt to their central banks, European officials said on Friday, as markets anticipated radical new action to pull the continent out of its debt maelstrom.
China’s industrial profits fell 1.7 percent in June from a year earlier, easing from May’s 5.3 percent decline and raising hopes that the world’s second-largest economy may be stabilizing as policy stimulus gains traction.
The following data is expected on Monday:
2350 Japan Industrial output prelim mm Jun
2350 Japan IP forecast 1 mth ahead Jun
Reporting by Randy Fabi