NEW YORK (Reuters) - Oil recouped icts Most Of Deep Loss in late trade Thursday after it reports of police firing Protesters were revived in Saudi Arabia Fears of Further unrest in the World's top export.
Prices tumbled HAD Early in the day after a Spanish credit rating revived worries over euro zone credit, Driving the dollar even higher.
That Took precedence over Further violence in Libya, Which Traders Fear Is Set for Prolonged Conflict That May do long-lasting damage icts oil infrastructure.
Downbeat economic data from China and the United States weighed on Price.Purpose This Was overshadowed by news of stun grenades Being Used to disperse a crowd in Saudi Arabia's oil-producing Eastern Province just one day before activists plan year unprecedented "Day of Rage" protest.
One police witness Told Reuters Lobbedez percussion bombs to disperse a crowd of about 200 people Belonging To The kingdom's Shiite Minority.
"The news report That Were Protesters fired upon by police in Saudi Arabia has crude Pulled Up From The lows," Said Phil Flynn, analyst at PFGBest Research in Chicago.
In London, April Brent crude ICE Settled down 51 cents at $ 115.43 a barrel, up Nearly $ 2 from the Day's low. On the New York Mercantile Exchange, crude for April delivery U.S. Settled down $ 1.68 at $ 102.70.
Brent crude's premium Against U.S. widened for a second day to $ 12.73 at The Close, one from $ 11.56 Wednesday.The premium hit a record $ 17 last week Above, goal HAD contracted sharply over-the past week as traders Took profits.
Traders now Will Closely watch for "any one Disturbances Friday after calls for unprecedented mass protests billed as a" Day of Rage "against Saudi Arabia's absolute monarchy.
Protests are Planned aussi In Other Gulf Countries Such as Yemen, Kuwait and Bahrain on Friday, after the Day's Religious Prayers stone outdoor fireplaces. Inspired by Upheaval in Tunisia and Egypt.
LIBYA MAY TURN TIDE
In Libya, momentum Appeared to turn Against the Rebels, WHO HAD hoped to load up the Coast and Into the capital Tripoli.Instead state television Said Government forces cleared HAD The oil port of Ras Lanuf of "armed gangs".
Saif al-Islam leader Muammar Gaddafi's Most prominent sound, Said SI Libya Preparing full-scale military action to crush a rebellion and surrender Will not Intervene Even If Western Power In The Conflict.
Purpose rebel soldiers denied The Eastern oil town HAD fallen to pro-Gaddafi Troop.A local oil company based in Benghazi, Where Have rebels set up a National Council working to oust Libyan Gaddafi, Said It Was making arrangements to market oil Directly to foreign buyers.
With oil production running at less Than Two-Thirds icts norm, exports halted Essentially oil facilities and reports of Being Hit In The violent few "traders expecting a quick recovery Were in output From The OPEC member.
CHINA DATA SPURS GROWTH WORRE
Oil Prices Were aussi exacts data pressured by China, the world's second Largest Oil import Unexpectedly The Largest trade deficit posted in Seven Years at $ 7.3 trillion, stirring Global Economic Growth worries economists Even Though Said The sudden drop Likely WAS temporary.
China's crude oil Purpose imports rose to The Third Highest Level on Record Daily Basis we have ramped up operations Refiners despite a lull lull in demand "during the holidays.
New U.S.jobless claims rose last week & the country's trade deficit widened in January, Weighing Further on U.S. crude.
(Additional reporting by Robert Gibbons in New York, Editing by Marguerita Choy and David Gregorio)
