Oil rises to near $82 as China manufacturing grows
Tuesday, 2 November 2010
BANGKOK, Nov 1 (AP): Oil prices rose to near $82 a barrel Monday in Asia as regional stock markets jumped on news that growth in Chinese manufacturing picked up pace in October.
Benchmark crude for December delivery was up 41 cents at $81.84 a barrel at late afternoon Bangkok time in electronic trading on the NewYork Mercantile Exchange. The contract fell 75 cents to settle at $81.43 Friday.
The pickup in Chinese manufacturing suggests that China's economic recovery remains on track, bolstering expectations that its demand for crude will offset weakness in advanced economies.
The figures boosted Asian stock markets which were mostly higher Monday.
Benchmark crude for December delivery was up 41 cents at $81.84 a barrel at late afternoon Bangkok time in electronic trading on the NewYork Mercantile Exchange. The contract fell 75 cents to settle at $81.43 Friday.
The pickup in Chinese manufacturing suggests that China's economic recovery remains on track, bolstering expectations that its demand for crude will offset weakness in advanced economies.
The figures boosted Asian stock markets which were mostly higher Monday.