CN: Oil steady near 7-week highs as economy recovers
Oil was steady on Thursday, trading near seven-week highs around $81, as U.S. demand rebounds with a recovering economy, and a weaker dollar helped whet investors' appetite for risk. Total oil demand in the world's top consuming nation grew 0.3 percent in the past four weeks from a year earlier, U.S. government data showed on Wednesday, raising expectations for an end to a 1-1/2-year period of sustained consumption decreases.
U.S. April crude held on to Wednesday's gains of more than $1, but was trading down 9 cents at $80.79 a barrel by 0311 GMT. The front-month contract touched $81.23 on Wednesday, its highest intraday price since Jan. 12. London ICE Brent for April fell 2 cents to $79.23.
A weaker dollar also contributed to Wednesday's gains, after Greece's budget-balancing pledges helped restore some appetite for risk. On Thursday, the spotlight focuses again on the euro zone, which will report revised gross domestic product for the fourth quarter.
