Sharjah24 - Reuters: Oil prices held steady on Monday in choppy trading as fears that high inflation and energy costs could drag the global economy into recession offset China's continuation of loose monetary policy.
Brent crude futures were down 1 cents, or 0.01%, to $91.62 a barrel, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was down 15 cents, or 0.2%, at $85.46 after a 7.6% decline last week.
"U.S. inflation remains a front topic and with the Fed set to raise rates at least into next year, there are fears that demand destruction will escalate," said Dennis Kissler, senior vice president of trading at BOK Financial.
China's central bank rolled over maturing medium-term policy loans on Monday while keeping its key interest rate unchanged for a second month, in a signal that loose monetary policy would be maintained.
Beijing will also greatly increase domestic energy supply capacity and step up risk controls in key commodities including coal, oil, gas and electricity, a senior National Energy Administration official said on Monday.
China will further increase reserve capacities for key commodities, another state official told a news conference in Beijing.
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