BANGKOK--Oil prices hovered above US$89 a barrel Monday in Asia with gains tempered by mixed regional stock markets and expectations China will take more measures to cool its economy.
Benchmark crude for March delivery was up 17 cents at US$89.25 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 48 cents to settle at US$89.11 on Friday.
Oil has fallen from above US$93 a barrel after economic indicators from China last week showed its economic growth accelerated in the fourth quarter and inflation remained elevated.
That has investors worried Beijing will take more steps to slow growth, reducing demand for crude from the world's biggest energy consumer.
Also tempering oil futures was mixed stock markets in Asia.
In other Nymex trading in February contracts, heating oil rose 1.1 cent to US$2.66 a gallon and gasoline added 0.4 cent to US$2.463 a gallon. Natural gas gained 5.9 cents to US$4.795 per 1,000 cubic feet.
In London, Brent crude was up 23 cents at US$97.83 a barrel on the ICE futures exchange.
