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Oil Holds Above $119 as China Offsets Europe, US

Reuters -- Oil held above $119 a barrel on Tuesday as economic expansion in China helped counter a sluggish U.S. economy and bubbling euro zone debt crisis that could depress demand for fuel.

China's factory sector grew at a slightly higher rate in April from the previous month, a sign its economy may have bottomed out in the first quarter.

The world's no.2 oil consumer is expected to account for nearly half of global incremental oil demand this year.

Brent crude [LCOCV1 119.10 -0.37 (-0.31%) ] edged up 9 cents to $119.56 a barrel.

U.S. light, sweet crude [CLCV1 104.74 -0.13 (-0.12%) ] ticked up 3 cents to $104.90.

"China is still in an expansionary phase and we saw a slight tick-up on the month," said Ben Le Brun, a Sydney-based market analyst at OptionXpress.

"That

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Submitted May 01, 2012 By: WxVette

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WalRus49 Champion Author Boston Posts:4,085 Points:870,815 Joined:Nov 2010	Message Posted: May 1, 2012 9:36:25 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage............
ktbaeohana Champion Author Las Vegas Posts:2,311 Points:422,975 Joined:Mar 2010	Message Posted: May 1, 2012 2:42:47 PM Ignore ktbaeohana Report Abuse watch and see.
investmentdr Champion Author Cleveland Posts:4,039 Points:1,457,000 Joined:Sep 2008	Message Posted: May 1, 2012 9:45:51 AM Ignore investmentdr Report Abuse BUT, gasoline is trading lower
inchgallo Rookie Author Manitoba Posts:46 Points:11,220 Joined:Apr 2012	Message Posted: May 1, 2012 6:56:09 AM Ignore inchgallo Report Abuse China whos has the money
LanguageMan1 Champion Author Tampa Posts:11,733 Points:1,663,740 Joined:Apr 2008	Message Posted: May 1, 2012 6:40:42 AM Ignore LanguageMan1 Report Abuse Sad for us as well as Europeans. Just who do you think that those in power work for Buckeye? US? LOL!!! [Edited by: LanguageMan1 at 5/1/2012 9:41:47 AM EST]
Night Owl Champion Author Toronto Posts:7,560 Points:1,788,550 Joined:Jul 2004	Message Posted: May 1, 2012 6:23:10 AM Ignore Night Owl Report Abuse Buckeyee is right — just last week China was slowing down. Greedy oil speculators are using any old excuse they can to raise oil prices. We need to get back to the laws of supply and demand controlling oil prices.
imcheep Champion Author New Mexico Posts:2,502 Points:651,780 Joined:Apr 2005	Message Posted: May 1, 2012 5:59:24 AM Ignore imcheep Report Abuse I AGREE!
Buckeyee Champion Author Maine Posts:4,616 Points:901,575 Joined:May 2010	Message Posted: May 1, 2012 5:55:50 AM Ignore Buckeyee Report Abuse Last week, China was slowing down, now the speculators want to gouge us some more. Makes you wonder if the Federal government works only for the big money, or the people ?