Oil Price Steadies Above $82

Oil prices held strong above $82 a barrel today, with crude increasing 8¢ to $82.19 a barrel by 0430 GMT, and London ICE Brent gaining 11¢ to $80.39.

This was despite efforts by China to tighten its monetary policy on rising inflation.

The Chinese Government said consumer inflation soared to a 16-month high, one day after customs data showed Chinese crude imports surged to their second-highest daily average on record in February.

The People’s Bank of China has increased required reserves twice this year, and economists suspect a third rise is imminent, according to Reuters.

Investors are still waiting to see what the International Energy Agency’s monthly oil report says today before making more moves on the market.

OPEC, which pumps at least one in every three barrels of oil, is likely to maintain its current policy stance when it meets in Vienna on 17 March.