20:37
Oil prices had surged brief on an Iranian media address about a action blaze in Saudi Arabia, but Saudi admiral after issued a account abstinent the report.
New York's capital contract, ablaze candied awkward for commitment in April, afford one cent to $108.83 and Brent North Sea awkward for April commitment was bottomward 22 cents to $125.98 in morning trade.
"The acceleration in prices brief was apprenticed by account that there was a blaze in Saudi Arabia but that address has now accurate to be apocryphal and prices accept retreated," said chief arch at Purvin and Gertz all-around action consultants in Singapore.
"There is a baby akin of profit-taking... but the accumulative worries of Iran will abide to accumulate a aerial attic on oil prices," he said. "The market's acknowledgment to the account shows that the oil bazaar is absolutely acute to accumulation disruptions," he added.
Oil-producing Iran is bound in a adept row with aloft Western admiral over its nuclear programme, which the West says is aimed at architecture an diminutive bomb.
Meanwhile, traders were acquainted absolute bread-and-butter abstracts from the United States and China signalling ascent appeal in the world's top two oil consumers, analysts said.
The US Labor Department on Thursday said claims for US unemployment allowances had collapsed to levels aftermost apparent in March 2008.
A absolute of 351,000 antecedent abandoned claims were fabricated aftermost week, a abatement of 2,000 from the antecedent week.
China's accomplishment action broadcast for the third beeline ages in February as consign orders improved, official abstracts showed Thursday.
The official purchasing managers basis (PMI) rose to 51 in February from 50.5 in January, with best sectors assuming signs of improvement, the China Federation of Logistics and Purchasing said in a statement.
A account aloft 50 indicates industry is accretion while a account beneath 50 suggests it is contracting.
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