Brent holds steady on Chinese data

Positive: Brent prices held above $103 per barrel on Tuesday as China's economy showed signs of improvement

AFP/Mike Clarke

News Wires

 24 July 2012 04:55 GMT

Brent crude remained steady above $103 per barrel on Tuesday as China, the world's top energy consumer, showed signs of improvement in its economy though fears of a Spanish bailout curbed oil price gains.

China's manufacturing output in July grew at its fastest pace in nine months, helping lift an index of activity in the country's overall factory sector to its highest level since February and suggesting pro-growth government policies are having an impact.

"China is the biggest driver of oil demand and its overall oil demand does not seem to have suffered so much, as it builds up infrastructure and crude stockpile," said Tony Nunan, a Tokyo-based risk manager at Mitsubishi Corporation.

Brent crude inched up 23 cents to $103.49 a barrel early on…

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