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Oil fell below $112 a barrel on Friday after a weak reading of industrial growth in China sparked worries about demand growth from the world’s number two oil consumer.

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Oil prices are likely to stay high due to tension between the West and Iran, despite a dramatic improvement in world supply resulting in a big build in stocks, the International Energy Agency (IEA) said on Friday.

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Oil climbed above $113 per barrel on Thursday as dealers weighed relatively encouraging US jobs figures against weaker-than-expected Chinese trade data.

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LONDON — Oil prices fell on Tuesday owing to fresh worries about the eurozone debt crisis after leadership changes in France and particularly Greece spotlighted uncertainty about austerity and growth.

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RIYADH - Saudi Arabia should install around 41 gigawatts of solar power over the next 20 years, more than any country has managed so far, as well as around 17 GW of nuclear capacity, the body responsible for planning the Saudi energy mix said on Tuesday.

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DUBAI - Turkey’s crude oil imports from Iran rose sharply in March, providing the Islamic Republic with much-needed oil revenues as Tehran struggles to sell its crude in the face of tightening Western sanctions aimed at slowing its nuclear programme.

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Oil prices continued a three-day slide and fell below $98 a barrel Monday as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth.

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Oil fell to three-month lows of under $115 per barrel on Friday ahead of a U.S. payrolls report and was set for its steepest weekly fall since December due to concerns over the health of the global economy and easing fears over supply disruption.

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India’s government has asked energy giant Reliance Industries to pay a $1.25 billion penalty for a fall in gas production from its main oil fields, a company executive said on Friday.

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