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

Chana down by 0.3% on higher output hopes

Speculators indulged in reducing holdings

Crude palm oil falls by 0.6% on sluggish demand

Speculators trimmed positions, tracking a weak trend

Mentha oil up by 0.4% on rising demand

Speculators enlarged positions, supported by rising demand

Silver futures rise on global cues

Participants built-up speculative positions, largely driven by a firming trend overseas

Cardamom remains higher on rising demand

Speculators enlarged positions, supported by rising demand

Back to Top