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Friday 24 November 2017

Oil rises on Chinese data

OIL rose in Asian trade today, underpinned by positive Chinese economic data and tensions in the Middle East over a key oil transit point.

New York's main contract, light sweet crude for February delivery, gained $1.64 (¤1.26) to $100.47 (¤77.36), while Brent North Sea crude for February delivery added $1.32 (¤1.01) to $108.70 (¤83.70). Official data released on Sunday showed China's manufacturing activity rebounded in December helped by holiday shopping. The purchasing managers index reached 50.3 in December, the China Federation of Logistics and Purchasing said.

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