Data has led to optimism that the worst of a slowdown in China may be over
I / Singapore December 10, 2012, 9:07 IST
Oil prices gained in Asia today as traders welcomed data indicating a continued economic pick-up in China, the world's largest energy consumer, analysts said.
"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.
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.