World oil prices remained highly volatile in Asian trade Friday mainly on uncertainties regarding China s oil demand.
Light sweet crude for January delivery was seen trading at $83.94 a barrel at 12.30 p.m Singapore time while Brent crude was at $ 85.74 a barrel in London.
In other Nymex trading in December contracts, heating oil fell 0.7 cent to $2.32 a gallon and gasoline was steady at $2.21 a gallon. Natural gas rose 0.4 cent to $4.39 per 1,000 cubic feet.
Analysts said traders are uncertain about China s moves to fight inflation and how much its economic growth in China may slow next year and drag down demand for crude. China's energy consumption has led growth in global oil demand this year.
World s largest energy user, China is increasing diesel purchases and production to ease a domestic shortage.
Analysts added that oil market remains under pressure amid stubborn fears over the impact of the eurozone crisis and simmering tensions on the Korean peninsula.
World financial markets have been rocked this week by eurozone debt worries and North Korea firing dozens of artillery shells onto a South Korean island on Tuesday, killing four people and triggering an exchange of fire.
Markets in the U.S. were closed Thursday for the Thanksgiving holiday. Markets will reopen Friday, but trading volume is often light because many traders take the day off.
Light sweet crude for January delivery was seen trading at $83.94 a barrel at 12.30 p.m Singapore time while Brent crude was at $ 85.74 a barrel in London.
In other Nymex trading in December contracts, heating oil fell 0.7 cent to $2.32 a gallon and gasoline was steady at $2.21 a gallon. Natural gas rose 0.4 cent to $4.39 per 1,000 cubic feet.
Analysts said traders are uncertain about China s moves to fight inflation and how much its economic growth in China may slow next year and drag down demand for crude. China's energy consumption has led growth in global oil demand this year.
World s largest energy user, China is increasing diesel purchases and production to ease a domestic shortage.
Analysts added that oil market remains under pressure amid stubborn fears over the impact of the eurozone crisis and simmering tensions on the Korean peninsula.
World financial markets have been rocked this week by eurozone debt worries and North Korea firing dozens of artillery shells onto a South Korean island on Tuesday, killing four people and triggering an exchange of fire.
Markets in the U.S. were closed Thursday for the Thanksgiving holiday. Markets will reopen Friday, but trading volume is often light because many traders take the day off.
