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Oil rises on demand growth
Source: Agencies |
December 10, 2010, Friday
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OIL prices rose slightly yesterday on encouraging economic news as U.S. jobless claims dropped and Japan said its economy grew more than expected in the third quarter.
Benchmark oil for January delivery added 9 cents to settle at US$88.37 a barrel on the New York Mercantile Exchange.
Oil has hovered in the upper-US$80s this week - touching a two-year high of US$90.76 on Tuesday - as traders mull how much global crude demand may grow in 2011. In the absence of any strong catalyst from oil market or economic data, crude prices often follow currency and stock markets.
Some analysts expect surging crude consumption in Asia and other emerging economies to continue to boost global demand next year. Global oil consumption rose to a record 86.7 million barrels a day in the third quarter and will likely jump to 88.1 million in 2011, according to energy consultant Wood Mackenzie.
About 85 percent of this year's global demand growth of 2.5 million barrels a day will come from developing countries, which will probably also account for 80 percent of demand growth next year and 2012, Wood Mackenzie said.
"The global market for oil is diverging as never before," Wood Mackenzie analyst Francis Osborne said. "While the economy in the mature OECD regions continues to struggle, and with it oil demand, in the emerging markets it has generally been full speed ahead on both fronts."
"Leading this recovery is China and the rest of Asia."
In other Nymex trading, heating oil rose 0.61 cent to settle at US$2.4668 a gallon, gasoline gained 3.59 cents to settle at US$2.3405 a gallon. Natural gas slipped 17.4 cents to settle at US$4.435 per 1,000 cubic feet.
In London, Brent crude rose 22 cents to settle at US$90.99 a barrel on the ICE Futures exchange.
Benchmark oil for January delivery added 9 cents to settle at US$88.37 a barrel on the New York Mercantile Exchange.
Oil has hovered in the upper-US$80s this week - touching a two-year high of US$90.76 on Tuesday - as traders mull how much global crude demand may grow in 2011. In the absence of any strong catalyst from oil market or economic data, crude prices often follow currency and stock markets.
Some analysts expect surging crude consumption in Asia and other emerging economies to continue to boost global demand next year. Global oil consumption rose to a record 86.7 million barrels a day in the third quarter and will likely jump to 88.1 million in 2011, according to energy consultant Wood Mackenzie.
About 85 percent of this year's global demand growth of 2.5 million barrels a day will come from developing countries, which will probably also account for 80 percent of demand growth next year and 2012, Wood Mackenzie said.
"The global market for oil is diverging as never before," Wood Mackenzie analyst Francis Osborne said. "While the economy in the mature OECD regions continues to struggle, and with it oil demand, in the emerging markets it has generally been full speed ahead on both fronts."
"Leading this recovery is China and the rest of Asia."
In other Nymex trading, heating oil rose 0.61 cent to settle at US$2.4668 a gallon, gasoline gained 3.59 cents to settle at US$2.3405 a gallon. Natural gas slipped 17.4 cents to settle at US$4.435 per 1,000 cubic feet.
In London, Brent crude rose 22 cents to settle at US$90.99 a barrel on the ICE Futures exchange.
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