Oil edges up

June 6th, 2012 - 7:26 am ICT by IANS  

New York, June 6 (IANS) Crude oil prices edged up after seesawing Tuesday as US service sector data came in supportive, but weak European data deepened demand concerns.

The Institute for Supply Management reported that US non-manufacturing index registered 53.7 percent in May, 0.2 percentage point higher than the 53.5 percent in April.

It was the 29th straight month of expansion, offering supports to crude markets, Xinhua reported.

Light, sweet crude for July delivery rose 31 cents, or 0.37 percent to settle at $84.29 a barrel on the New York Mercantile Exchange. In London, Brent crude for July delivery slipped 1 cent to close at $98.84 a barrel.

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