Loading...
See More

Oil up on China manufacturing data

Dec 10 2012 07:42 AFP
Oil barrel

Oil barrel (Picture: Shutterstock )

Related Articles

Oil prices rebound on bargain hunting

Oil prices up in Asia

Oil falls on US data, fiscal cliff woes

Oil rises towards $112 on growth revival

Oil prices up on Middle East fears

Oil prices down in Asian trade

 

Singapore - Oil prices gained in Asia on Monday as traders welcomed data indicating a continued economic pick-up in China, the world's largest energy consumer, analysts said.

New York's main contract, light sweet crude for delivery in January climbed 29 cents to $86.22 a barrel and Brent North Sea crude for January delivery added 39 cents to $107.41.

"Oil is up, it's really reacting to the positive economic news out of China," said Victor Shum, managing director for downstream energy consulting at IHS Inc.

"It looks like China has turned the corner and the economy is recovering with their latest manufacturing data," he said.

The National Bureau of Statistics on Sunday released data showing production at China's factories, workshops and mines rising 10.1% year on year in November.

Also on Sunday the statistics bureau said retail sales, China's main gauge of consumer spending, rose 14.9% year-on-year in November.

The result, an improvement from October's gain of 9.6%, has led to optimism that the worst of a slowdown in China - the world's second biggest economy - may be over.

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
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Goalkeeper saves five penalties with his FACE!

Nothing, and we mean nothing, will keep goalkeeper Scott Stirling from stopping the ball!

 
 

Men24.com

Hottie of the day: Jesselyn
This invention makes farts smell like chocolate!
11 things men don’t know about their clothes
Hilarious mortal kombat elevator prank!

Money Clinic

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