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

Oil prices rise after upbeat US, China data
by Staff Writers
New York (AFP) Feb 1, 2013

Oil prices finished higher Friday in New York, buoyed by greater optimism about global growth following encouraging indicators from the US and China.

A barrel of West Texas Intermediate, the US benchmark, settled 28 cents higher at $97.77 on the New York Mercantile Exchange.

Even stronger was the price of European oil benchmark Brent futures, which closed at $116.76 a barrel on the Intercontinental Exchange, up $1.21. The close was Brent's highest level since May 2012.

Oil prices got a lift from Friday's monthly US nonfarm labor payroll data.

Although the number of net jobs added in January came in below expectations, markets were heartened by a significant upward revision in the 2012 monthly figures.

The Labor Department reported employers added 157,000 jobs in January and upped its estimate for December jobs growth to 196,000.

After a sweeping annual revision of earlier data, the department also said monthly job growth averaged 181,000 in 2012, well above the prior estimate of 153,000 jobs.

The US jobs report was not the only strong data point released Friday, said Dominick Chirichella, an analyst with the Energy Management Institute. There was also strong manufacturing data in the US and China, the world's two biggest energy consumers.

"Pretty much everything across the board was positive," Chirichella said.

The one exception was Wednesday's report on the US economy for the 2012 fourth quarter, which showed gross domestic product shrank 0.1 percent, the first contraction since the 2009 recession.

But the oil and equity markets "ignored" the GDP reading, Chirichella added.

"Crude is being lifted with all the other markets, even though the underlying fundamentals do not necessarily justify that," said Matt Smith, an analyst with Schneider Electric. "Demand is relatively flat and supply is at a 20-year high."

Oil prices have also been supported by the fall in the dollar against the euro. Because oil is traded in dollars, it becomes cheaper for consumers who use other currencies to purchase the commodity.

Still, prices of US benchmark WTI continued to be weighed down by problems at the Seaway pipeline.

The pipeline has encountered operational problems that have limited the flow of oil from the Cushing, Oklahoma-based trading hub to refineries on the US Gulf Coast, producing a glut of oil at landlocked Cushing that has pressured prices.


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

Kurds warn BP not to drill for Baghdad
Erbil, Iraq (UPI) Jan 30, 2013
The escalating dispute between Iraq's central government and the Kurds over oil and land went up a notch after the Kurdistan Regional Government warned oil giant BP not to help Baghdad upgrade an oil field in disputed territory. BP, which appears to be committed to Iraq, secured a major production-sharing contract from Baghdad in 2009 to develop the Rumaila superfield in the south. ... read more

US, Europe team up for moon fly-by

Russia to Launch Lunar Mission in 2015

US, Europe team up for moon fly-by

Mission would drag asteroid to the moon

AAS Division For Planetary Sciences Issues Statement On Mars 2020 Program

Curiosity Maneuver Prepares for Drilling

Ridges on Mars suggest ancient flowing water

Changes on Mars Caused by Seasonal Thawing of CO2

Sierra Nevada Corporation and Lockheed Martin Space Systems Company Partner On Dream Chaser Programs

NASA Launches Next-Gen Communications Satellite

NASA Takes Strides Forward to Launch Americans from U.S. Soil

Iran Takes First Step to Send Man to Space

Reshuffle for Tiangong

China to launch 20 spacecrafts in 2013

Mr Xi in Space

China plans manned space launch in 2013: state media

NASA to Send Inflatable Pod to International Space Station

ISS to get inflatable module

ESA workhorse to power NASA's Orion spacecraft

Competition Hopes To Fine Tune ISS Solar Array Shadowing

Site of space rocket launch to become home of S. Korea's space program

Payload preps continue for first Ariane 5 flights of 2013

NASA Wallops Rocket Mission January 29 Prepping for Future Projects

Russia's Troubled Rocket Cleared for Launch

TW Hydrae: There's more to astronomers' favorite planetary nursery than previously thought

The Origin And Maintenance Of A Retrograde Exoplanet

New Evidence Indicates Auroras Occur Outside Our Solar System

Glitch has space telescope shut down

NTU research embraces laser and sparks cool affair

Bioinspired fibers change color when stretched

Stanford Researchers Break Million-core Supercomputer Barrier

Scientists trick iron-eating bacteria into breathing electrons instead

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