Local & Regional
Mon February 14, 2011
By AP/KWGS News
Tulsa, OK – Oil hovers below $86 as traders eye inflation
SINGAPORE (AP) Oil prices hovered below $86 a barrel Monday in Asia as traders eye inflation and consumer demand numbers for signs higher commodity prices are undermining global economic growth.
Benchmark crude for March delivery was down 7 cents at $85.51 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.15 to settle at $85.58 on Friday.
In London, Brent crude gained 68 cents to $101.62 a barrel on the ICE Futures exchange.