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Oil stabilizes near US$106
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The price of oil held steady around US$106 a barrel yesterday.
Benchmark oil for September delivery gained 14 cents to close at US$106.11 a barrel on the New York Mercantile Exchange.
Analysts saw some carry-over from last week's positive Chinese economic data. Oil jumped US$2.57, or 2.5 percent, on Friday on strong industrial production data from China.
Natural gas futures had the biggest one-day gain since mid-July. Natural gas rose 8 cents to US$3.31 per 1,000 cubic feet (28.32 cubic meters).
Brent crude, traded on the ICE Futures exchange in London, rose 87 cents to US$107.74 a barrel.
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