Oil prices up as investors focus on improving China economy

Oil prices up as investors focus on improving China economy

PanARMENIAN.Net - The price of oil rose above $89 a barrel Monday, Dec 3, as investors focused on signs that China's economy may be picking up after a prolonged slowdown, The Associated Press reports.

Benchmark crude for January delivery was up 30 cents to $89.21 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents to close at $88.91 in New York on Friday.

Surveys by the state-sanctioned China Federation of Logistics & Purchasing and HSBC Corp. showed China's manufacturing is expanding.

Signs of recovery in a major economy typically herald an increase in energy consumption and therefore push oil prices higher.

In Europe, German lawmakers approved further aid to Greece on Friday, raising hopes that Europe will continue to slowly heal from its debt crisis. Increased European economic activity could also push up global oil demand.

Oil had its first monthly gain in four months in November, but is still trading below the 2012 average of $94.65 per barrel.

In London, Brent crude was up 41 cents at $111.64.

 Top stories
The project aimed to assist the country in improving financial management and efficiency of the government’s activity.
Australian PM Tony Abbott said leaders would discuss job creation, identifying tax cheats and strengthening the global economy.
This is the second in a series of three DPOs, supporting the government of Armenia in meeting its strategic objectives.
Earlier this week, the bank's board met following last month's stress tests and approved a €2.5bn rights issue in order to plug the gap.
Partner news