Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Oil edges higher on upbeat Chinese data

02 December 2013, 06:57

Singapore - Oil prices rose in Asian trade on 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 (WTI) for January delivery, was up 52 cents at $93.24 in mid-morning trade while Brent North Sea crude for January climbed 57 cents to $110.26.

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.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...