Subscribe free to our newsletters via your
. 24/7 Space News .

Oil market gains on China data
by Staff Writers
London (AFP) Dec 10, 2012

World oil prices rose on Monday as traders digested a raft of upbeat economic data in top energy consumer China, ahead of an OPEC oil output meeting later in the week, dealers said.

Brent North Sea crude for January added 65 cents to $107.67 per barrel in late afternoon deals in London.

New York's main contract, light sweet crude for delivery in January, or West Texas Intermediate (WTI), won 23 cents to $86.16 a barrel.

"Crude oil prices found some well-needed support and climbed higher, supported by fairly strong economic data from China, including robust retail sales and factory orders, despite the fairly weak trade data," said Sucden analyst Myrto Sokou.

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

Also on Sunday the statistics bureau said retail sales, China's main gauge of consumer spending, rose 14.9 percent year-on-year in November, from a level of 9.6 percent on October.

The data has led to optimism that the worst of a slowdown in China -- the world's second biggest economy -- may be over.

However, data released on Monday showed Chinese exports rose 2.9 percent in November and imports were flat, while the trade surplus sank to $19.6 billion from October's $32.0 billion.

"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.

Across in Vienna this week, meanwhile, OPEC will gather for a ministerial meeting to decide on the cartel's oil production ceiling, as a predicted drop in demand risks weighing on high crude prices despite Middle East unrest.

The Organization of Petroleum Exporting Countries (OPEC), which pumps out 35 percent of the world's oil, may also finally decide on a new head after a vote to appoint a successor to Secretary-General Abdullah El-Badri was postponed in June.

The 12-nation cartel, which includes the world's biggest oil exporter Saudi Arabia and Iran -- currently under an oil embargo -- was to hold a regular output meeting at OPEC's headquarters in the Austrian capital on Wednesday.

At its last meeting in June, OPEC opted to keep its oil output ceiling at 30 million barrels per day (mbpd) -- after agreeing on the level a year ago -- and vowed to eliminate over-production.



Related Links
Powering The World in the 21st Century at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Romania gas, gold referendums scrapped after low turnout
Bucharest (AFP) Dec 10, 2012
Romania's electoral office announced on Monday that two regional referendums on gold mine and shale gas projects were invalidated a day after too few people turned out to vote. The referendums Sunday, which failed to meet the 50 percent turnout threshold, were held alongside general elections that saw the centre-left ruling coalition win a landslide victory. But the referendums were not ... read more

To the moon and back for less than 2 billion dollars

NASA's GRAIL Creates Most Accurate Moon Gravity Map

Chinese astronauts may grow veg on Moon

WSU researchers use 3-D printer to make parts from moon rock

Charitum Montes: a cratered winter wonderland

Opportunity Continues Rock Studies

Orbiter Spies Where Rover's Cruise Stage Hit Mars

NASA to send new rover to Mars in 2020

What happens to plant growth when you remove gravity?

Scientists say NASA's budget inadequate for its goals

What trends will take upper hand in space exploration?

To reach final frontier, NASA can't go it alone: analysts

Mr Xi in Space

China plans manned space launch in 2013: state media

China to launch manned spacecraft

Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

Medical Ops, Fan Checks for Space Crew; New Trio Checks Soyuz

Khrunichev Completes Nauka Space Station Module

New Crew of ISS to Perform Two Spacewalks

Space Station to reposition for science

SPACEX Awarded Two EELV Class Missions From The USAF

Russia Set to Launch Telecoms Satellite for Gazprom

Sea Launch Delivers the EUTELSAT 70B Spacecraft into Orbit

S. Korea readies new bid to join global space club

Astronomers discover and 'weigh' infant solar system

Search for Life Suggests Solar Systems More Habitable than Ours

Do missing Jupiters mean massive comet belts?

Brown Dwarfs May Grow Rocky Planets

Malaysia orders Australian miner to ship out waste

$99 Google laptops for schools sold out

Microsoft to sell Surface at retail stores

Google sells off more Motorola assets

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement