By Clare Hutchison, MarketWatch
LONDON (MarketWatch) — Crude-oil futures climbed steadily in European trading hours, after inflation data in China indicated the country will take measures to stimulate its economy.
Crude-oil futures for April delivery CLJ2 +0.24% were up 29 cents, or 0.3%, to $107.35 a barrel.
China, a top energy consumer, reported Friday that annual inflation fell to a 20-month low in February. The country’s National Bureau of Statistics said the consumer price index rose 3.2% vs, February 2010, falling short of the 3.4% increase forecast by economists. China consumer price rise weakens
The slowdown paves the way for China’s policy makers to use monetary policy to boost growth, which will likely result in greater demand for oil and other resources.
Action in Europe also bolstered sentiment in electronic trading.
The Greek government said Friday that more than 80% of its private creditors had signed up to a debt-swap deal needed to prevent the country defaulting and to secure a second bailout package from its international lenders.
Among other energy products, natural gas continued its decline from the previous session, when lower-than-expected inventories pressured prices.
The U.S. Energy Information Administration reported Thursday a decline of 80 billion cubic feet for the week ended March 2, sending April natural-gas futures NGJ12 +1.32% to their lowest level since February 2002.
The same contract was down 4 cents, or 1.6%, at $2.41 per million British thermal units on Friday.
The April gasoline contract RBJ2 -0.14% was also off, sliding 1 cent, or 0.2%, at $3.31 per gallon. Heating oil for the same period HOJ2 -0.28% dropped 1 cent, 0.4%, to $3.26 per gallon.
Investors were also eyeing the U.S. non-farm payroll report out later on Friday, hoping that it echoes a private survey issued earlier in the week, showing growth private-sector jobs.
Economists expect an increase of 213,000 jobs, down from growth of 243,000 in January, according to Dow Jones Newswires.
Clare Hutchison is a MarketWatch reporter, based in London.
