Business Standard

Oil up in Asia on upbeat China manufacturing data

Data has led to optimism that the worst of a slowdown in China may be over

Related News

I / Singapore December 10, 2012, 9:07 IST

gained in Asia today 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, for delivery in January climbed 29 cents to $86.22 a barrel and 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 told AFP.

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

Also yesterday 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.

Read more on:   
|
|
|

Read More

Crude oil futures up on overseas cues

Crude oil futures prices rose by 0.66% to Rs 5,025 per barrel today as speculators created fresh positions amid a firm trend in Asia.

Quick Links

 

Market News

Sebi looking into share price spike ahead of Kotak-ING deal

Inquiry preliminary, based on system-generated alert

Investor awareness drives must focus on quality: Sebi chief

U K Sinha says 'just completing' numbers not good enough to address needs of investors

Gold edges up on improved demand amid overseas support

Standard gold adds Rs 30 to end at Rs 26,405 per 10 grams, silver adds Rs 200 to Rs 37,160 per kg

Kotak-ING Vysya merger: Old pvt banks get thumbs up

Many were up between 3-6%, even as an index tracking banking sector hit an all-time high

Sebi rebukes HSBC Securities, India Star in Global Offshore case

Securites and Exchange Board of India (Sebi) on Friday 'reprimanded' HSBC Securities and Capital Markets Pvt Ltd for failing to make adequate ...

Back to Top