Oil Holds On to Last Weeks Gains Buoyed by Economic Data

Oil prices were little changed in early Asian trading on Monday, holding on to most of last weeks more than 3% gains, supported by geopolitical tensions and better economic data. Brent crude futures fell 7 cents, or 0.09%, to $79.59 a barrel, while US West Texas Intermediate crude futures rose 2 cents, or 0.03%, to $76.86. Brent ended last week up more than 3.5% on the week, while WTI gained more than 4%, on supportive economic data and increased hopes of a US interest rate cut. Three US central bankers said last week that inflation appeared to be cooling enough for the Federal Reserve to cut interest rates as soon as next month. Source: Qatar News Agency