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Oil Climbs As Market Seen In Balance, But Slow Demand Weighs

(July 4 Reuters) Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.

Brent crude futures were trading at $50.58 per barrel at 0938 GMT, up 23 cents from their last settlement. U.S. crude was up 17 cents at $49.16. U.S. markets are closed on Monday for the U.S. Independence Day holiday.

The energy minister of Saudi Arabia, the world's top crude exporter, and the secretary general of producer club OPEC agreed that global oil markets were heading towards balance, and that prices reflect this.

However, analysts at Morgan Stanley said there were also signs that prices could fall again soon, pointing at stalling gasoline demand and improving output in Canada and Nigeria.

Click on the link below to see the full story from Reuters: (by Ahmad Ghaddar)

Oil climbs as market seen in balance, but slow demand weighs

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