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Crude oil edges above US$99, adding to recent gains
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The price of oil inched up above US$99 a barrel yesterday as good signs about the US economy drive up expectations of stronger demand for energy.
Benchmark US oil for February delivery rose 31 cents to close at US$99.22 in a shortened session on the New York Mercantile Exchange.
The US government reported that orders for long-lasting manufactured products rose 3.5 percent in November, more than economists expected. Core capital goods, a category that tracks business investment, jumped 4.5 percent, the biggest gain since January.
Oil prices are up around 7 percent so far in December and on track to finish the year with a gain. Hopes over the US economy have been behind the rise — last week figures showed that the US economy grew at an annualized rate of 4.1 percent growth in the third quarter, ahead of previous expectations.
Traders are also on the lookout for news on US stockpiles of crude and refined products.
Data for the week ending Dec. 20 are expected to show a draw of 2.3 million barrels in crude oil stocks and a build of 2.2 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Friday, two days later than usual because of the Christmas holiday.
Brent crude, a benchmark for international oils, was up 34 cents to US$111.90 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex, natural gas fell 5 cents to US$4.42 per 1,000 cubic feet (28.32 cubic meters).
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