Oil prices rise on Chinese data

GMT 12:56 2014 Tuesday ,21 October

Arab Today, arab today Oil prices rise on Chinese data

Oil station
London - AFP

Oil prices rose on Tuesday as caution returned after a weak rally spurred by upbeat industrial production data from China, the world's top energy consuming nation, analysts said.
US benchmark West Texas Intermediate for November delivery advanced 21 cents to $82.92 a barrel compared with Monday's close.
Brent North Sea crude for December won 38 cents to stand at $85.78 a barrel in London midday deals.
Daniel Ang, investment analyst with Phillip Futures in Singapore, said investors were cheered after China said industrial production rose 8.0 percent year-on-year in September. That was a rebound from a more than five year low of 6.9 percent in August.
He added that the figure overshadowed data showing China's economy grew in the third quarter at its slowest pace since the depths of the global financial crisis.
"Industrial production is a good indication of crude oil demand from China," he told AFP, although he added that it remained to be seen whether this would be sustained in the coming months.
Despite the latest gains, analysts have warned oil prices still face downward pressure owing to an oversupply of crude and reduced demand because of the slowing global economy. Brent is struggling at around four-year lows and WTI is at around levels seen in 2012.

Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab