Brent steady as market weighs economic data

Brent crude steadied on Monday, after briefly turning negative, as the market weighed the impact of contrasting economic data from the world's two biggest oil consumers on fuel demand. Oil prices rose after European policymakers approved an emergency bailout for Greece and strong US economic data calmed fears over weakening demand. But soft manufacturing data from China and ongoing concerns over Europe's debt crisis pared oil's earlier gains. Analysts also cautioned it was too soon to say the US recovery had overcome the malaise of the first half of 2011. ICE Brent crude was up 8 cents to $111.85 a barrel by 0619 GMT, after falling as much as 47 cents. US crude was at $95.25 a barrel, up 31 cents. Article continues below "The US data and the Eurozone news is helped oil prices yesterday, although with US markets closed for a holiday, trading will be thin and based very much on technicals," ANZ Bank oil analyst Serene Lim said. Eurozone finance ministers on Saturday approved a ¤12 billion installment of Greece's bailout and said details of a second aid package for Athens would be finalised by mid-September. The news followed the release of data on Friday showing the pace of growth in US manufacturing picking up for the first time in four months. Weekly US oil inventory data from industry group the American Petroleum Institute and the government's Department of Energy will be delayed by a day to tomorrow and Thursday, respectively, due to Monday's Independence Day holiday. According to technical charts, Brent crude needs to clear resistance at $113 a barrel before developing a decent rally towards a short-term resistance target at $121.47.