Breaking News Bar
updated: 2/8/2013 7:04 AM

Oil rises after China trade exceeds expectations

hello
Success - Article sent! close
 
Associated Press

BANGKOK -- Oil prices rose Friday after China reported better-than-expected monthly trade data, a sign that its economic recovery is gaining traction.

Benchmark oil for March delivery was up 9 cents to $95.92 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The contract fell 79 cents to finish at $95.83 on the Nymex on Thursday after the head of the European Central Bank expressed concern over a recent rise in the euro. A strong euro hurts the export prospects of the 17 countries that use the common currency. It also tends to result in higher oil prices by making crude sold in dollars cheaper, and a more enticing investment, for traders using currencies other than the greenback.

China's trade growth surged in January. Exports soared 25 percent from a year earlier and import growth rocketed to 28 percent.

Analysts said the year-on-year data could be distorted because Lunar New Year fell in January in 2012. This year, companies picked up pace in January to fill orders before shutting down for the holiday, which this year falls in February.

Linus Yip, a strategist at First Shanghai securities in Hong Kong, said the data "confirms market consensus, which is that economic growth in mainland China is stepping up."

In London, Brent crude, used to price international varieties of oil, rose 41 cents to $117.65 a barrel on the ICE Futures exchange.

In other energy futures trading on the Nymex:

-- Wholesale gasoline rose 0.6 cents to $3.006 a gallon.

-- Natural gas fell 0.5 cent to $3.28 per 1,000 cubic feet.

-- Heating oil gained 1.9 cents to $3.222 a gallon.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.