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Oil gains on positive US and China factory data
Source: Agencies |
December 15, 2012, Saturday
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Online Edition
Online Edition
THE price of oil ended higher yesterday on positive signs for manufacturing in the US and China.
Benchmark crude rose 84 cents to end at US$86.73 per barrel on the New York Mercantile Exchange.
A survey of purchasing managers showed that manufacturing activity expanded in China this month. And US data showed that the nation's factories have rebounded from Superstorm Sandy. Both reports indicate that energy consumption could be on the upswing in the world's two biggest economies.
Still, traders are concerned that President Barack Obama and Republican leaders are far from reaching a deal to reduce the US budget deficit before the end of the year. Without an agreement, significant tax increases and government spending cuts will automatically take effect.
Brent crude, used to set prices for international varieties of oil, rose US$1.72 to finish at US$108.18 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Heating oil rose 4 cents to end at US$2.98 a gallon.
- Natural gas lost 3 cents to finish at US$3.31 per 1,000 cubic feet.
- Wholesale gasoline added 6 cents to end at US$2.66 a gallon.
Benchmark crude rose 84 cents to end at US$86.73 per barrel on the New York Mercantile Exchange.
A survey of purchasing managers showed that manufacturing activity expanded in China this month. And US data showed that the nation's factories have rebounded from Superstorm Sandy. Both reports indicate that energy consumption could be on the upswing in the world's two biggest economies.
Still, traders are concerned that President Barack Obama and Republican leaders are far from reaching a deal to reduce the US budget deficit before the end of the year. Without an agreement, significant tax increases and government spending cuts will automatically take effect.
Brent crude, used to set prices for international varieties of oil, rose US$1.72 to finish at US$108.18 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Heating oil rose 4 cents to end at US$2.98 a gallon.
- Natural gas lost 3 cents to finish at US$3.31 per 1,000 cubic feet.
- Wholesale gasoline added 6 cents to end at US$2.66 a gallon.
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