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Oil prices steady below USD118

Monday, February 18 11:32:41

Brent crude oil consolidated below $118 per barrel today, underpinned by expectations of improving global growth and continuing tensions in the Middle East.

Trading volume was limited as the U.S. market was closed due to the President Day's holiday and as the International Petroleum (IP) Week, a gathering of industry professionals, kicked off in London, analysts said.

"With the U.S. holiday and the start of the IP Week, a lot of people will be away from their desks," Olivier Jakob, analyst at Geneva-based Petromatrix, said.

U.S. economic data last week suggested the world's largest oil consumer hit a bump on its road to recovery with industrial output falling off to a weak start in 2013.

But a rebound in factory activity in New York state in February suggested any setback may be temporary.

"We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't affect the general upward direction," Jakob said.

Brent crude edged up 12 cents to $117.78 a barrel by 1055 GMT after posting its first weekly loss since the first half of January. U.S. crude slipped 25 cents to $95.61. (C ) Reuters