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

Oil prices rise on China exports, lower dollar
by Staff Writers
New York (AFP) Jan 10, 2013

Crude oil prices rallied Thursday, briefly reaching three-month highs, on strong Chinese export data and the lower US dollar.

Oil prices for US benchmark West Texas Intermediate futures for February delivery reached as high as $94.70, a level last seen in September, before settling 72 cents higher at $93.82 a barrel.

European benchmark Brent oil futures settled 13 cents higher at $111.89 a barrel.

The jump came after Chinese government data showed strong export results. China's trade surplus soared 48.1 percent to $231.1 billion in 2012, though total trade volume grew at a much slower pace in the face of economic weakness at home and abroad.

China's exports rose 7.9 percent to $2.05 trillion from the year before, while imports increased 4.3 percent to $1.82 trillion, the national customs bureau said.

In December, exports and imports hit new single-month highs, rising 14.1 percent to $199.2 billion and six percent to $167.6 billion, respectively.

The results are the latest in a string of data in recent months that indicate that China, the world's second-biggest consumer of oil after the US, was regaining momentum, analysts said.

"After losing altitude last year, Asia's economic engine, led by China, has fired up again," global banking giant HSBC said in a market commentary.

Oil prices were also boosted by the decision of the European Central Bank not to cut interest rates, which was coupled with a comment from ECB chief Mario Draghi that the group was "unanimous" in keeping interest rates at current levels.

Draghi's comments suggested interest-rate policy is off the table for the foreseeable future and helped push the dollar lower.

A weaker greenback can make dollar-priced crude cheaper for buyers using rival currencies, in turn stimulating oil demand.

The European single currency jumped to a one-week high at $1.3217 after the ECB's move Thursday.


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

New Zealand sets sight on new oil blocks
Wellington, New Zealand (UPI) Jan 9, 2013
New Zealand is encouraging foreign investment in its oil and natural gas sector. If the country can duplicate the success of production from Taranaki - the single locale for oil and natural gas production - New Zealand's gross domestic product could increase an average of $1.7 billion, or 1.7 percent for each year of a 30-year development of a second basin, with the creation of 5,500 ... read more

Mission would drag asteroid to the moon

Russia designs manned lunar spacecraft

GRAIL Lunar Impact Site Named for Astronaut Sally Ride

NASA probes crash into the moon

Mars500 project - salt balance of the Mars 'astronauts'

Simulated mission to Mars reveals critical data about sleep needs for astronauts

NASA's Big Mars Rover Makes First Use Of Its Brush

Lockheed Martin Delivered Core Structure For First GOES-R Satellite

AXE to Send 22 Guys to Space with New Apollo Campaign

IBM tops as tech titans scramble for US patents

Chinese tech firms pump up volume at CES

High fashion, high tech intersect at CES confab

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

Crew Wraps Up Robonaut Testing

Station Crew Ringing in New Year

Expedition 34 Ready to Ring in New Year

New ISS crew docked at Space Station

Arianespace's industry leadership will continue with 12 launcher family missions planned in 2013

Arianespace addresses The Insurance Institute of London

Cargo loading underway with the next ATV resupply spacecraft to be launched by Ariane 5

SpaceX sets March 1 for launch to ISS

Earth-size planets common in galaxy

NASA's Hubble Reveals Rogue Planetary Orbit For Fomalhaut B

NASA, ESA Telescopes Find Evidence for Asteroid Belt Around Vega

Kepler Gets a Little Help From Its Friends

How the kilogram has put on weight

Japan to survey Pacific seabed for rare earth

3D printing creates 'virtual' fossil

LEON: the space chip that Europe built

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