Volatile week for oil prices amid oversupply

London

OIL prices faced sharp volatility last week amid stubborn oversupply concerns, while metals aimed higher as Chinese trading picked up following the Chinese New Year, dealers said.

Sentiment brightened partially on news that eurozone finance ministers backed an extension of Greece's bailout lifeline. Gains were tempered last Friday by news that the US economy grew more slowly than expected in the fourth quarter of 2014, expanding by 2.2 per cent, down from the prior estimate of 2.6 per cent.