Brent crude held steady around $59 a barrel on Wednesday as Saudi Arabia's oil minister said oil demand is growing and markets are calm. Oil prices crashed by 60 percent between June and January to a post-2009 low near $45 a barrel but have since recovered. "Markets are calm now ... demand is growing," said minister Ali al-Naimi, the driving force behind OPEC's shift in policy at its November meeting, when the group decided not to cut output to support prices but instead to fight for market share. Brent has been helped by better-than-expected Chinese factory data, the Federal Reserve's flexible stance on U.S. interest rates and the euro zone's approval of reforms proposed by Greece.
via Business News http://ift.tt/1JKZSxA
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