SINGAPORE: Crude turned mixed in Asia Monday with traders cheered by positive US and Chinese economic data, as Greek lawmakers approved a new austerity budget, analysts said.
New York's main contract, light sweet crude for delivery in December, gained seven cents to $86.14 a barrel in the afternoon, while Brent North Sea crude for December delivery shed eight cents to $109.32.
"Boosted by a rise in US consumer sentiment to five-year high and upbeat readings on the Chinese economy, crude futures advanced," trading company Phillip Futures said in a report.
Data released by the University of Michigan Saturday showed US consumer confidence at its highest since July 2007, in the latest sign that the world's biggest economy and oil consumer was turning a corner.
Meanwhile in the world's largest energy consumer China, a slew of improving economic data such as industrial output, retail sales, fixed investment and inflation issued last week also provided encouragement to traders.
But IG Markets warned in a report that Europe's debt woes continued to cloud markets.
"European markets are not showing any positive signs of economic recovery as they struggle to fight the fires burning in Greece and Spain currently," its report stated.
Greece's budget paves the way for the European Union, International Monetary Fund and the European Central Bank to unlock a 31.5 billion euro ($40 billion) tranche of bailout funds for Athens.
Greece's unrelenting debt problems will top the agenda Monday when eurozone finance ministers discuss whether Athens has met all the conditions set by its international creditors to provide funds so it can stay afloat.
Without fresh funds, Greece risks default on November 16, when the government must repay a three-month treasury bill worth five billion euros.
In Spain, the completion of a bond-selling programme on Thursday all but ruled out a much-anticipated eurozone bailout for Europe's fourth largest economy this year.
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