Oil prices advance

AFP, LONDON: Oil prices rose yesterday in a slight pullback after plunging at the start of the week over Greece and economic fears surrounding the world’s biggest energy user China.
US benchmark West Texas Intermediate for August delivery increased 43 cents to $52.76 a barrel. Brent North Sea crude for August climbed 38 cents to stand at $57.23 a barrel in midday deals. Oil prices had steadied on Tuesday, after US crude futures sunk nearly eight per cent Monday on worries about slowing global growth, as Greek voters rejected a bailout offer and China moved to calm financial market turbulence. Asian equities tumbled yesterday as a collapse in Chinese shares began to contaminate other markets.

Oil prices advance

AFP, LONDON: Oil prices rose yesterday in a slight pullback after plunging at the start of the week over Greece and economic fears surrounding the worlds biggest energy user China. US benchmark West Texas Intermediate for August delivery increased 43 cents to $52.76 a barrel. Brent North Sea crude for August climbed 38 cents to stand at $57.23 a barrel in midday deals. Oil prices had steadied on Tuesday, after US crude futures sunk nearly eight per cent Monday on worries about slowing global growth, as Greek voters rejected a bailout offer and China moved to calm financial market turbulence. Asian equities tumbled yesterday as a collapse in Chinese shares began to contaminate other markets.