Oil Gains on Positive U.S., China Factory Data

The price of oil rose Friday on positive signs for manufacturing in the U.S. and China.

Benchmark crude rose 76 cents to $86.65 in afternoon trading on the New York Mercantile Exchange.

A survey of purchasing managers showed that manufacturing activity expanded in China this month. And U.S. data showed that the nation's factories have rebounded from Superstorm Sandy. Both reports indicate that energy consumption could be on the upswing in the world's two biggest economies.

Still, traders are concerned that President Barack Obama and Republican leaders are far from reaching a deal to reduce the U.S. budget deficit before the end of the year. Without an agreement, significant tax increases and government spending cuts will automatically take effect -- posing the threat of recession.

Pump prices continue to decline. The national average for gas is now $3.29 a gallon after dropping a penny overnight.

Brent crude, used to set prices for international varieties of oil, rose $1.23 to $109.14 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

  • Heating oil rose 4 cents to $2.98 a gallon.
  • Natural gas lost 3 cents to $3.32 per 1,000 cubic feet.
  • Wholesale gasoline added 6 cents to $2.66 a gallon.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2155117, ~/Articles/ArticleHandler.aspx, 10/20/2014 6:15:14 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement