Subscribe free to our newsletters via your
. Space Industry and Business News .




ENERGY TECH
Oil prices edge higher after upbeat Chinese data
by Staff Writers
Singapore (AFP) Dec 02, 2013


Oil prices rose in Asian trade Monday as dealers welcomed upbeat manufacturing data in China, the world's top energy consumer, analysts said.

New York's main contract, West Texas Intermediate for January delivery, was up 47 cents at $93.19 in afternoon trade while Brent North Sea crude for January climbed 39 cents to $110.08.

Official data Sunday showed China's manufacturing growth in November maintained its strong pace from the previous month to stay at a 19-month high.

The purchasing managers' index (PMI) was at 51.4, unchanged from October, and at the highest level since April 2012.

Global banking giant HSBC's own index of the country's manufacturing activity came in at 50.8 on Monday, better than the 50.4 initially estimated.

A reading above 50 signals expansion while a figure below indicates contraction.

Singapore-based Phillip Futures said the PMI data "topped analysts' estimates in a sign that the country's economy may have bottomed out and is garnering recovery momentum".

Official data in October showed at China's economy, an important driver of regional and global growth, expanded 7.8 percent from July to September, snapping two quarters of slowing.

Analysts said dealers were also looking ahead to a slew of US economic data scheduled to be released this week, including on third quarter gross domestic product estimates and November non-farm payrolls.

"We might see further support for oil ahead of these data if investors get an inkling that they are going to be better than expected," said David Lennox, resource analyst at Fat Prophets in Sydney.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






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

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








ENERGY TECH
Exxon sells Iraq oil stake to PetroChina: ministry
Baghdad (AFP) Nov 28, 2013
American energy giant Exxon Mobil on Thursday sold part of its controversial stake in a massive Iraqi oilfield to PetroChina and Indonesia's Pertamina amid a long-running row with Baghdad. The sale of the stake in the West Qurna-1 field in south Iraq, one of the country's largest, marks a key step towards resolving the dispute with the central government over Exxon's contracts with the auton ... read more


ENERGY TECH
Use of ancient lead in modern physics experiments ignites debate

Crippled space telescope given second life, new mission

Scientists create perfect solution to iron out kinks in surfaces

What might recyclable satellites look like?

ENERGY TECH
Boeing Tests Validate Performance of FAB-T Satellite Communications Program

Intelsat General To Provide Satellite Services To US Marines

Manpack Radios in Arctic Connect with MUOS Satellites Orbiting Equator

Self-correcting crystal may unleash the next generation of advanced communications

ENERGY TECH
SpaceX postpones first satellite launch

Second rocket launch site depends on satellite size, cost-benefit

Private US launch of satellite delayed

Stepping up Vega launcher production

ENERGY TECH
'Smart' wig navigates by GPS, monitors brainwaves

CIA, Pentagon trying to hinder construction of GLONASS stations in US

GPS 3 Prototype Communicates With GPS Constellation

Russia to enforce GLONASS Over GPS

ENERGY TECH
German helicopter deal examined by federal auditors: report

US telling airlines to stay safe in East China Sea

The secrets of owls' near noiseless wings

Japanese airlines say will obey China's air zone rules

ENERGY TECH
Chips meet Tubes: World's First Terahertz Vacuum Amplifier

NIST demonstrates how losing information can benefit quantum computing

Chaotic physics in ferroelectrics hints at brain-like computing

Nature: Single-atom Bit Forms Smallest Memory in the World

ENERGY TECH
Satellite map to help assess threats to Australia's Great Barrier Reef

Google Earth reveals untold fish catches

Satellite trio to explore the Earth's magnetic field

Cameras for high-res images of Earth's surface on way to space station

ENERGY TECH
Madrid street-sweepers call off strike: union

Everyday chemical exposure linked to preterm births

Albania refuses to host Syria arsenal destruction

Protests grow in Albania against Syria weapons destruction




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