• Retribution will come

    Those who now pay the price for opposing a corrupt system shall rise again, says Solly Moeng.

  • Ego - the enemy within

    Successful people are humble in their aspirations and resilient in failure, says Ian Mann.

  • You can’t eat dust

    We should insist on products that save our soil and ensure food security, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Oil rises after Wall Street rally

Jan 28 2013 07:45
AFP

SINGAPORE, Jan 28, 2013 (AFP) -Oil prices rose in Asian trade Monday with dealers encouraged by better-than-expected earnings data on Wall Street, analysts said.

New York's main contract, light sweet crude for delivery in March gained seven cents to $95.95 a barrel and Brent North Sea crude for March delivery increased 16 cents to $113.44

"US corporate earnings are providing plenty of cause for optimism among market bulls who can already count on central bank liquidity and China's improving economy as driving forces," said a report from IG markets Singapore.

"Energy prices have edged up among the euphoria."

On Friday the Dow ended at its highest level since October 2007 while the S&P 500 climbed above 1,500 points for the first time since December 2007, thanks to solid earnings results.

Among the stand-out performers was health and beauty goods maker Procter and Gamble, which said earnings more than doubled in the fiscal second quarter while it also increased its guidance for 2013 earnings.

There were also impressive results from Halliburton, AT&T and Starbucks.

The uptick of the major indices underscored growing optimism in the US economy, which is also the world's biggest crude consumer.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote

Loading...